8tracks, a San Francisco, CA-based platform for music listeners to create their own playlists, raised $2.5m in debt funding.
Silicon Valley Bank provided the financial resources.
The funds will help grow the company’s product and engineering teams that are expanding its personalization system and bringing playlist creation to its mobile applications.
Co-founded by David Porter and Remi Gabillet in August 2008, 8tracks is the global leader in playlist radio and reaches more than 8 million monthly listeners. In addition to the funding, the company is also announcing partnerships with TuneCore, Naxos, Black Hole Recordings and Armand Van Buuren’s Armada Records, adding up to 2.5 million tracks to its new library including songs by Passenger, Andrew Belle, Armin van Buuren, etc.
Last fall, it introduced a new “explore” experience, personalizing tags — such as artist, genre, activity or mood – according to a listener’s listening and liking activity on the service.
8tracks is backed by Index Ventures, Andreessen Horowitz, SoftTech, SPA, Craig Kallman, Pete Tong, and Steve Aoki, among others.