AudioFeast Raises $10M In Funding

Startup company AudioFeast has raised $10 million dollars in funding to help develop their portable internet radio products.

AudioFeast, first to market with portable Internet radio service for MP3 players, mobile devices and PCs, today announced it has received $10 million in Series A funding. Venture capital firmMayfield led the investment round, and was joined by Worldview Technology Partners and previous company investors.

As part of the financing, Mayfield managing director, Yogen Dalal and Worldview Technology Partners general partner, Irwin Gross will join AudioFeast’s board of directors.

“The venture community is looking for exciting consumer-related investments focused on the digital lifestyle,” said Yogen Dalal of Mayfield. “AudioFeast has a unique value proposition and has shown considerable traction in the digital music space they have defined. It is for this reason Mayfield is committed to pushing forward AudioFeast’s innovation of reigniting radio and is excited about the prospects the company will bring to the ever-changing entertainment industry.”

Launched in September 2004, AudioFeast presents the most popular Internet radio stations, nationally syndicated shows and an assortment of independent media outlets and programs from around the globe in a commercial-free radio format on selective MP3 players. With a rapidly growing list of over 400 music, news, sports and entertainment channels from more than 50 content partners, the Audio Feast service is cost-effective way for consumers to gain easy access to a vast library of music without incurring the effort and expense of having to find, purchase and download each and every song or radio program.

“In deciding to invest in AudioFeast, we were especially impressed with the company’s strategy of being the premier portable Internet radio provider,” said Irwin Gross of Worldview Technology Partners. “There is a tremendous potential for AudioFeast’s service to grow with emerging MP3 market, and Worldview is committed to being part of this growing personalized entertainment space.”

AudioFeast said the additional funds will be used to further advance its product and business development opportunities and enhance its sales efforts. AudioFeast is currently compatible with iRiver, Rio, iRock, Creative Labs, Dell and RCA MP3 players and is available via several subscription plans beginning at $2.99. AudioFeast also offers a free service with eight, 60-minute channels of popular music, news sports and entertainment and other programs.

“Having Mayfield and Worldview participate in our continued growth and success further validates the vast potential in the music services market,” said Tom Carhart, AudioFeast CEO and co-founder. “As the evolution of MP3 players and mobile devices continues to develop, AudioFeast is poised to revolutionize the portable Internet radio market, by offering consumers easy to use media and entertainment services at affordable rates.”