Reported last night, the audio operator Koala FM has announced the completion of their series A round finance, invested by One Capital, Fashion Capital, Legend Capital, DCM, and Bertelsmann China, Zhisland, etc.
Launched in June 2013, Koala FM is the online audio platform under AutoRadio which is an integrated operating media company for radios. Bin Li, the founder of NIO, Yiche, and the president of Mobike, invested and created Koala FM as an ICE (in-car entertainment) system. Koala FM is so far the most significant investment Li has made after investing NIO. Li also arranged this round of finance after a business restructuring in Koala FM.
So far, one of the most important business branches of Koala FM is the ICE. From previous interviews, Li has estimated that the ICE network will be widely spread by 2020, which makes it possible to launch the new business model of charging subscribers with onboard entertainment service. In September 2017, Li personally invested AutoRadio with 200 million RMB. Now, Koala FM owns over 5 million on board entertainment subscribers, over 40 automobile brands, and dozens of business partners. Its business has covered almost 80% of the ICE relative market.
Koala FM integrated different resources online to cover their service in music, news, finance, counseling and emotional support, novels, standup comedies and story-telling. It provides the users with audio search in radio stations and music, as well as synchronization of profiles between mobile account and ICE systems. In terms of finance, Koala FM has received multiple rounds of finance from various companies. In 2010, AutoRadio, owner of Koala FM, has completed the series A round with investment from Legend Capital, DCM, and Bertelsmann China. In 2014, Koala FM received finance of 200 million RMB in series B round from these investors, and another 170 million RMB from Legend Capital in 2016.
The business in the audio player market has been rising in these recent years. On the same day of Koala FM’s finance, Litchi FM has announced their completion of series D round with $50 million dollars from Orchid Asia and EMC.
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