RealTime IT News Nabs $70 Million Monday grabbed a $70 million equity investment led by crossover fund Attractor Ventures, European venture capital fund Index Ventures and many of's prior investors.

The new investment follows investments made by five major music labels in

The equity will be used to fuel three areas key to's continued growth: product development, brand marketing, and continued international expansion.

Last month, announced a joint venture with Trans Cosmos Inc. to establish Japan, which is scheduled to launch later this year.

"Index Ventures will use our experience and significant base of contacts in the European technology market to help make rapid, but wise, moves here," said Index Ventures general partner Neil Rimer.

"We feel that will occupy a dominant position as the relationship between the music industry and the Internet matures."