Music site is in tune with US investors

13 january 2013

BALCONYTV, an Irish internet company, has got $750,000 (€606,000) in investment from three US venture capital companies following a start-up boot camp in Copenhagen.

The investment by Polaris Venture Partners, Lerer Ventures and Greycroft Partners is believed to value the Dublin start-up at $3m.

As part of the deal, Judy McGrath, the former chairperson and CEO of MTV Networks, will join the global online music video channel in an advisory role.

BalconyTV was founded in 2006 by friends Stephen O’Regan, Tom Millett and Pauline Freeman, who O’Regan says “were sitting in our apartment one day and decided to do an internet show from our balcony. It rapidly evolved into a music website and we’ve been filming bands ever since”.