Musical.ly investor bets on internet radio with $17M deal for Korea’s Spoon Radio

November 25, 2019 by in category News with 0 and 0

Musical.ly investor bets on internet radio with $17M deal for Korea’s Spoon Radio

August 10, 2018 – Jon Russell, TechCrunch

One of the early backers of Musical.ly,  the short video app that was acquired for $1 billion, is making a major bet that internet radio is one of the next big trends in media.

Goodwater Capital,  one of a number of backers that won big when ByteDance  acquired Musical.ly last year, has joined forces with Korean duo Softbank Ventures and KB Investment to invest $17 million into Korea’s Spoon Radio. The deal is a Series B for parent company Mykoon, which operates Spoon Radio and previously developed an unsuccessful smartphone battery sharing service.

That’s much like Musical.ly, which famously pivoted to a karaoke app after failing to build an education service…

For the full story read the Techcrunch article here.

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