South Korean internet-radio service Spoon Radio – or rather its parent company Mykoon – has raised a $17m funding round. The investors include Goodwater Capital, which was an early investor in Musical.ly according to TechCrunch, as well as Softbank Ventures and KB Investment.
Spoon Radio has a mixture of music and talk DJs broadcasting live, but also includes features for its listeners to become broadcasters themselves, and make money from sales of virtual items. The app has been downloaded 2.5m times so far, and has ambitions to continue expanding outside its homeland to other countries in south-east Asia.
“This is mobile consumer internet at its best. Spoon Radio is taking an offline experience that exists in classic radio and making it even better,” said Goodwater Capital’s Eric Kim in the interview. “It’s a really interesting phenomenon taking off in Asia because of smartphone growth and people being keen for content, but not always able to get video content.”