Los Angeles-based gaming company Diversion Inc. has closed a “Series B strategic funding round” and inked a $1 million advertising deal with Sony Pictures. The company created social games including FameTown and The A-List, and is backed by investors including TomorrowVentures; Hearst Corp.; and the Tornante Company, which is backed by Michael Eisner. Individual investors Marcy Carsey, a producer of The Cosby Show and That 70’s Show, and venture investor Art Bilger also joined in the round.
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Tim Westergren, the founder of online radio network Pandora, wouldn’t discuss his company’s plans for a potential $100 million IPO, which Reuters reported last month is imminent, but he offered plenty of lessons for startups that are struggling to make a go of it. “Do what it takes, get people to work for free, and [...]