Although many investors are spinning for the chance to invest in Turntable.fm , the hot music startup has not yet picked a dance partner, despite reports to the contrary. Business Insider claims that Turntable has raised $7.5 million at a $37.5 million valuation and "that term sheets were indeed signed yesterday." But reached a few hours ago as he was boarding a plane, co-founder and chairman Seth Goldstein told me, "We have not closed any new financing." There is certainly a lot of interest in Turntable from VCs who want to fund its next round. The buzz among venture investors is that there is intense competition for the deal, particularly between Union Square's Fred Wilson, Accel, and Kleiner Perkins. Wilson is the clear favorite (Turntable is based in New York City), but he is being outbid by Accel and Kleiner.