April 14, 2009
VC Firm, Wellington Partners Leads a $16+ Million Venture Funding for Goom Radio
New York based online radio company, Goom Radio has announced that it has received a $16+ million in Series A funding to launch an internet radio.� The financing was led by Wellington Partners with Elaia Partners and Partech International.�� Goom Radio claims to be the revolution in radio by creating a new type of radio for the digital generation.� Goom Radio plans to feature the best shows, the best music, and the best interviews with the top names in entertainment.� Goom Radio also plans to broadcast over the internet in HD sound for free.
Eric Archambeau, general partner at Wellington Partners, was the instrumental force behind the part of the funding from Wellington and according to him; the team at Wellington Partners sees that Goom Radio is groundbreaking because it is evolving one of the few media that has not been changed over the worldwide web.� The internet and the larger numbers of people turning to the internet has transformed printed media, television and movies, and now it�s time for radio to change over to the internet radio.� To further the financing for Goom Radio, Partech International brings over 25 years of experience of investing in tech startups and partnerships to Goom Radio, giving the company the edge it needs to assert itself in the marketplace.�� Goom Radio launched its US operations in March of this year and operates out of the historic studios of Z100 in Jersey City.� Goom is led by the former president of Clear Channel, New York, Mr. Williams.
According to Mr. Williams, Goom is setting out to change the way radio is perceived both online and off.� Receiving the support from Wellington Partners Venture, Elaia Partners, and Partech International is validation of the company�s belief in the great potential for this venture.�
Proceeds from this round of funding will go to launching the venture and hiring an aggressive and devoted sales team, and to extend out its infrastructure.� In fact, Goom Radio has already started to expand its sales team by hiring 20 year radio veteran, Joe Anastasi as the account executive of the new sales team.� According to him, Goom will change the way people will think about and sonsume radio.
Before coming to Goom Radio, Mr. Anastasi worked for Google Audio where he helped build a top-notched sales team for the division.�� He was a core sales manager for the sales team at dMarc Broadcasting.�
Elaia Partners is an independent vc firm that centralizes on software based technology.� The vc firm has over 50 million Euros($64,781,993.47) under its management.� Elaia Partners works closely with companies in its portfolio to bring together a group of professionals from both the hi-tech and private equity industries. �Elaia Partners invests in all stages of a company�s life.
Partech International is a global vc firm which is founded in 1982 and manages over $900 million.�� Partech has offices in the United States, Europe, and Israel and focuses solely on the IT industry.� Some of the successful companies in Partech International�s portfolio include Ascend Communications, Alvarion, Digital Island, and Pentasafe.
Wellington Partners Venture is one of the most successful vc firms throughout Europe with 800 million Euros ($1,035,174,981.75) under its management.� Wellington Partners has offices in London, Munich, Palo Alto, and Zurich and invests in companies all over Europe that have the potential to become worldwide leaders.� The vc firm mainly invests in the IT, media convergence, clean tech, and life sciences industries.�� Since its founding in 1998, Wellington Partners has invested in over 100 companies.
You can find more information about Goom Radio by clicking here.