Jimmy Fallon, Madonna and Lady Gaga's Managers Invest in Turntable.fm

4:11 PM PDT 9/13/2011 by Antony Bruno, Billboard.biz, Shirley Halperin

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After a summer of buzz, the site announces a new round of funding that also includes investments by the Roots and former Myspace executive Courtney Holt.

After a flurry of buzz for Turntable.fm, the site that allows users to share playlists and DJ diplomatically in themed rooms, the company has officially announced a new round of funding that includes some big name investors from the music world.

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Among the contributors to the $7 million pool, revealed at today’s TechCrunch Disrupt conference: Madonna manager Guy Oseary, Lady Gaga’s manager Troy Carter, Jimmy Fallon, members of the Roots, former Myspace Music executive Courtney Holt and VC Fred Wilson of Union Square Ventures, who is also a member of the company's board.

According to Billboard.biz, more music industry notables are involved in an advisory capacity, but still in question is the matter of Turntable’s legality, which until this point has operated without licenses claiming that, like Pandora, its foundation is “non-interactive.”

Turntable also announced a mobile app at the conference, the details of which were leaked last week.

Turntable founder and chairman Seth Goldstein will be keynote speaker at Billboard's upcoming FutureSound conference in San Francisco Nov. 17-18, where it’s expected that he’ll reveal more of the company’s future plans.