MyStrands, a music recommendation site based in Spain, has announced that it has received $25m (£12.5m) in second round funding.
This round was led by 25 year-old Spanish media mogul Antonio Asensio, who owns Grupo Zeta, the third largest media group in Spain, and brings the total funding raised by MyStrands to $31m (£15.6m).
The product is similar to Last.fm, which recently sold up to CBS for $280m. It offers a download which works with your media player, keeps tracks of the music you play and recommends other music based on your listening habits.
According to the MyStrands blog, the site has also begun to use its recommendation engine for films, videos and websites, as well as delivering personalised advertising based on people’s preferences:
“We feel strongly that the future of the web is about personalization. Personalized TV stations, personalized advertising, personalized news, personalized shopping, personalized music and entertainment experiences, wherever you happen to be, whether it’s at home, on the go, at your friend’s or at a bar…”
MyStrands increased its investment in mobile technology earlier this year, introducing a new mobile portal for its users. It is thought that the company will use the funding to invest in mobile music and advertising.