The mobile app developer Swell has raised $5.4 million in Series A funding led by Draper Fisher Jurvetson and including Google Ventures, InterWest Partners, Correlation Ventures and Draper Nexus Ventures. The Palo Alto, Calif.-based company previously raised $1.8M in seed funding from Google Ventures, Charles River Ventures, DFJ, Andreessen Horowitz, Inspovation Ventures and individual investors. The company provides a listener-focused recommendation algorithm to deliver curated news and information that learns what a listener likes and delivers relevant content.
SWELL RAISES $5.4M SERIES A ROUND LED BY DRAPER FISHER JURVETSON (DFJ)
Google Ventures, InterWest Partners, Correlation Ventures, and Draper Nexus Ventures participate
JULY 18, 2013––SAN FRANCISCO––Swell, a new mobile listening experience for news and information that learns what you like as you listen, today announced that it has raised $5.4M in Series A funding led by DFJ and managing director Josh Stein. Google Ventures, InterWest Partners, Correlation Ventures, and Draper Nexus Ventures also participated in the round. Swell launched to the public in June, and is available for iOS in the Apple iTunes Storehere.
DFJ managing director Josh Stein identified Swell as a strong investment opportunity and committed to an investment relatively early in the process. Josh has been a Swell advocate and passionate user since the early alpha app.
“By seeking to revolutionize the way we consume talk radio, Swell solves a problem for many consumers that is real: making unproductive time — like commuting — more valuable,” said Josh Stein, managing director, DFJ. “The broad movement toward greater personalization provides a well-timed opportunity for Swell to redefine the way we consume talk radio.”
Like Pandora, Swell streams news and information based on listener preferences and behavior. Swell’s vision is to elevate the radio experience with a listener-focused recommendation algorithm, delivering curated news and information that learns as you listen so it’s always sending you the most relevant content. The more you listen, the more finely tuned the recommendations become, rewarding the smart and curious with quality content that keeps them informed and entertained.
Since launch, Swell users are demonstrating strong engagement with the product. On the first day of use, users listen to Swell on average for over 30 minutes. Returning users listen to Swell for over 110 minutes per week and over 40 minutes per day on average.
“We are pleased to have the support of a top-tier investment team, and we appreciate their confidence in us to execute on our vision,” said Ram Ramkumar, Co-Founder and CEO of Swell. “We’re off to a great start and we recognize this is just the beginning. We plan to use this investment to help us continue to innovate, and change the way people listen to news radio.”
Swell had previously raised $1.8M in seed funding led by Google Ventures, with Charles River Ventures, DFJ, Andreessen Horowitz, Inspovation Ventures, and angels participating. Swell is currently hiring for several key roles in engineering and growth hacking; for more information please visitwww.swell.am.