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PRESS RELEASE: Beringea Invests in Digital Audio Specialist Livio Radio
June 14, 2010
FARMINGTON HILLS, Mich. — Beringea, Michigan’s largest venture capital firm has invested in Ferndale, Mich.-based Livio Radio, a leading developer of Internet radio devices and smartphone applications. The investment, made through Beringea’s InvestMichigan! Growth Capital Fund, will be used to fund Livio’s launch of new products, sales and marketing efforts, and other business endeavors. The terms of the deal were not disclosed.
“We are excited to partner with Beringea, a firm that truly understands the opportunities and challenges facing growing Michigan-based companies,” said Jake Sigal, founder and CEO of Livio Radio. “These funds will allow us to further expand our product offerings and maintain our leadership position in the digital audio market.”
Sigal, a 28-year-old entrepreneur and the inventor of the original USB turntable, founded Livio Radio in 2008, specializing in the development of digital audio products that are not overburdened by complicated menus and features. The company’s product offerings include the Livio Radio which allows users to listen to NPR® and Pandora® Internet radio programming in the home, as well as 16,000 additional stations from around the world. Livio has also launched an iPhone application, the Livio Car Internet Radio, enabling users to access Internet radio stations in the vehicle.
“The Livio Radio story is inspirational to young entrepreneurs in the state, illustrating that creative and innovative businesses leveraging the ‘new economy’ can be founded and grown in Michigan,” said David Ruby of Beringea.
According to Arbitron and Edison Research, approximately 69 million Americans listen to online radio programs every month. By 2015, the Internet radio market is expected to grow to include more than 100 million listeners.
“Livio Radio understands the transformation taking place in the way music is distributed,” said Ruby. “Internet radio will emerge as the preferred medium of broadcasted audio in the United States and the company’s products are at the forefront of this shift, providing hardware and software applications that are affordable and extremely user-friendly.”
Beringea, LLC provides equity and/or mezzanine debt to small- and-middle market companies. The Firm, which includes Michigan-based Beringea, LLC and its London, UK office Beringea LLP, invests in portfolio companies operating in a range of sectors, including health care, clean technology, manufacturing, media, Internet technologies and specialized consumer products.
With flexible capital solutions, extensive investing experience and offices in the U.S. and UK, Beringea’s team offers its portfolio companies the resources to grow their businesses and create value for shareholders. For more information, visit www.beringea.com.
In the United States of America, Beringea operates as an SEC-registered investment advisor, Beringea, LLC. In the United Kingdom, this document is issued by Beringea LLP, a firm authorized and regulated by the Financial Conduct Authority. Beringea LLP is a limited liability partnership registered in England and Wales with company number OC342919, and its registered office is at 39 Earlham Street, London, WC2H 9LT, UK. This document is intended solely to provide information regarding Beringea’s potential financing capabilities for prospective portfolio companies.
About Livio Radio
Founded in 2008, Livio Radio aims to make Internet audio streams accessible to more people, in more places. Dedicated to designing products that work fast without complicated menus, the company’s line of specialty radios, including the NPR Radio by Livio and the Livio Radio featuring Pandora, let users enjoy the benefits of online programming — music, sports, news and talk from around the world — anywhere an Internet connection is available. The Livio Car Internet Radio App for iPhone uses a high-speed data connection and a streamlined interface to offer the thousands of free online programming choices, along with traditional AM/FM radio broadcasts, for users on the go. Visit www.livioradio.com for more information.