Oakland, California

NYSE Listed: P    Initial Investment: March 2004

Pandora is the leader in internet radio in the U.S.  The company pioneered a new form of personalized radio initially leveraging, using the intrinsic qualities of music (“the Music Genome Project”) to create stations and then adapt playlists in real-time based on the individual feedback of each listener. Leveraging mobile, desktop and consumer electronics adoption of IP services,  In 2011, Pandora crossed 100 million registered users.  Pandora went public in June 2011 on the NYSE.  

Walden led the re-birth round in 2004, when the company was called Savage Beast Technologies and was licensing its technology to Best Buy and AOL among others. In spite of the poor financial condition of the company, Partner Larry Marcus recognized the potential of Tim Westergren and the Music Genome Project. He believed that if properly nurtured, it could power the Company’s own mass-market branded consumer service. Larry and the newly formed Board (Bob Kavner, Larry Kubal of Labrador and Tim Westergren) helped to recruit a new core team comprised of Joe Kennedy, Tom Conrad and Jessica Steel. That team helped solidify the radio vision, rebrand the company and launch Pandora Internet Radio in mid 2005.  By the end of 2005, Peter Gotcher joined the board and the Company had closed a new round of funding led by Crosslink’s Jim Feuille. Subsequent lead investors included King Street, Greylock and GGV. Walden is grateful to the management and employees, co-investors and Directors for their continued dedication and excellence to manifest one of the great next generation digital media companies of this era.

Screen Shot of the initial Pandora player, launched July 2005

Pandora IPO June 2011 by Morgan Stanley, JP Morgan, Citi, William Blair, Stifel Nicolaus Wiesel, and Wells Fargo

Pandora iPhone app as featured on October 2011