UK - Index Ventures profits from CBS acquisition of Last.fm

Index Ventures has seen impressive returns from its year long investment in online social music network Last.fm. Founded in a Vienna basement, Last.fm is now headquartered in London and was acquired for $280m in cash by US television network CBS. It received an undisclosed round of series-A funding from Index Ventures in May 2006. The investor was selected on the basis of its strong track record of internet deals - it previously backed Skype.