Slacker Banks $5M Bridge

Slacker launched their internet-based radio service back in November of 2007, just in time for the holiday season. Despite the large amount of capital raised (over $50M), the company’s device just hasn’t really seemed to catch on. They’ve launched iPhone and Blackberry clients recently, which will give users an alternative to the $199 G2 player (shown at left). Back in June, company founder Celite Milbrandt left the company, and it’s unclear how much of the company is still left in Austin.

The company announced a $5M bridge financing from Sevin Rosen Funds, Rho Ventures, Centennial Ventures, Mission Ventures and Austin Ventures. Where the bridge goes in today’s funding and business environment, who knows? We hope the best for these guys, but adoption doesn’t seem to have been as solid as hoped.

Posted by Bryan Menell http://austinstartup.com Bryan is the founder and Editorial Director of AustinStartup.com, which launched in 2005 by Bryan Menell. He is currently the Collaboratory Director at Dachis Group. Bryan advises a handful of early stage companies and is a Managing Director of Capital Factory. To read more posts click here.