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Listen.com ups coin pool

'Net music site reaps $70 mil more in capital

Less than two months after signing investment deals with all five major record labels, Listen.com on Monday announced that the company has picked up $70 million in additional venture capital.

The fourth round of funding for San Francisco-based Listen, a directory of downloadable music featuring information about 60,000 artists, was led by Attractor Ventures and European venture capital fund Index Ventures.

Dave Williams, vice president of marketing for Listen, declined to specify what each company invested.

Williams said the total amount raised will be earmarked in part for an emphasis on establishing the company overseas.

“Index Ventures will use our experience and significant base of contacts in the European technology market to help Listen.com make rapid, but wise moves here,” said Neil Rimer, general partner of the Geneva-based fund. “Passion for music is a universal phenomenon, and we see great potential for European expan-sion in Listen.com.”

In February, BMG Entertainment, EMI Recorded Music, Universal Music Group and Warner Music Group invested an undisclosed amount in Listen. Sony Music invested in the site in October.

In addition, several independent labels have signed promotional agreements with the site, including Mammoth Records, Ministry of Sound, Artemis Records and Kill Rock Stars.

“Coupled with the major labels’ investment in Listen.com, this new funding from one of the most successful Wall Street crossover funds, one of the top European venture firms and our other highly regarded prior investors helps cement Listen.com’s standing as a company that has been successful at attracting some of the most savvy investors possible,” said Rob Reid, Listen CEO-founder. “These new funds give Listen.com the freedom to aggressively pursue our significant growth plans through the year 2000 and beyond, both in the United States and abroad.”

Returning investors that participated in this most recent round of funding include: Hambrecht & Quist, August Capital, Altos Ventures and Chris Anderson, founder and CEO of Imagine Media.

Listen was launched in June and has 120 employees. The company is launching an extensive TV, radio and print advertising campaign in two weeks.

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