Radionomy, a web platform hosting Internet radios in Europe, is looking to raise $15 million in funding. Radionomy has more than 3,000 Internet radio stations in Europe spreading over all genres and cultures of music.
Their French investor, Bryan Garnier, is helping the company reach its goal in funding. Although details about the investors have not been made public, it is expected that the financing round will close later this year.
Radionomy is already a giant in Europe with over 30 million hours being streamed monthly. No doubt investors will be interested in funding something that already is a success. The $15M funding of Radionomy do not seem a difficult task considering the popularity of the platform. It had raised $2 million in funding earlier.
The next target of Radionomy is North America. It is from United States that 30% of its audience come.
The name Radionomy comes from the synthesis of two words: Radio and Autonomy. The company believes that Internet users should be free to create their own radio stations. They provide track libraries and lots of audio content to help users create their own radio station. Radionomy pays for everything including broadcast fee to royalties. It is completely free for the user.
The expansion of Radionomy makes sense when you consider its large market. As it is run by music lovers, artists, humorists, storytellers and radio junkies, who get the freedom and the opportunity to broadcast their own radio stations, their success does not seem surprising.