Turntable.fm, a social music service that allows you to DJ songs for other users and listen to music that others have selected to play, has reportedly chosen Union Square Ventures over Kleiner Perkins and Accel Partners for its new funding round.

According to Betabeat, Union Square Ventures is leading the latest round, which values Turntable.fm at $37.5 million with $7.5 million in funding. While making the decision, Turntable.fm was apparently looking at which venture capital firm would be able to connect it with the best talent as it continues to grow.

It is also possible that some figures from the music industry will participate in this round. This could be vital for the company as it operates under the Digital Millenium Copyright Act as a non-interactive streaming music service. However, if the company is determined to be an interactive streaming service á la Spotify, then it would have to strike partnerships with record labels. Spotify, of course, had a great deal of trouble in sealing deals with record labels before it launched in the U.S.