This story was written by Rafat Ali.
Slacker, the heavily funded online music startup founded by former MusicMatch CEO Dennis Mudd, has disposed off of, well, Mudd, reports VentureWire. This comes as the music startup scene remains murky. The company, launched in 2006, has raised a whopping $70 million in funding, mainly to build a portable wireless music player (which explains the high amount), but has of late been focusing on its mobile player for iPhone and other smartphones. It is often compared to Pandora, which is purely and online/mobile play. Its investors include Centennial Ventures, Rho Ventures, Austin Ventures, Mission Ventures and Sevin Rosen Funds.
Mudd will remain on the board and actively involved, the story quotes an unnamed investor. [President] Jim Cady has been, in many ways, operating the company,” the story says. Mudd was also the CEO of MusicMatch, which he sold to Yahoo (NSDQ: YHOO) for $165 million in 2004 and then left (guess what happened to MusicMatch within Yahoo).
By Rafat Ali