Turntable.fm, an online music service, caught on this summer as a way to share and discover music online. On Wednesday the New York-based company announced that it has raised $7 million dollars in a founding round led by Union Square Ventures. The company announced that it also released a version of its product for the iPhone.
The company, which launched in May with three employees and now has ten, said that it will use the funding to expand. Turntable.fm has attracted more than 600,000 users and streams more than a million songs a day.
Billy Chasen, CEO and co-founder of Turntable.fm, said that he was excited by Union Square Ventures’ involvement in the round. “USV’s record of investing in the great Internet companies speaks for itself – Zynga, Twitter, Tumblr, Foursquare to name just a few,” Chasen told reporters.
The company’s planned iPhone app will function much like the Turntable.fm website. A new user can sign up for the site using his or her Facebook username and password.
Read more at GigaOM.
