Wednesday 9th April 2008

	Print
	Email
	Text size
	Comment

Sellaband closes $5 million round

An online business that allows music fans to buy shares in new bands to help them release their first album has raised $5 million (£2.5 million) of venture capital (VC) funding. Sellaband secured the funding in a Series A round led by Amsterdam-based Prime Technology Ventures.

A new investor in Sellaband, Prime Technology Ventures expects the company to ‘change the face of the music industry’. Managing partner Sake Bosch says: ‘We believe in the concept and the longevity of the Sellaband model, and so investing in the company makes complete financial sense.’

Sellaband’s business model entails establishing a direct relationship between ‘believers’ in new bands, who can buy shares for as little as $10, and the artists themselves. Once money raised reaches $50,000, Sellaband helps the artists fund the professional recording, distribution and marketing of an album.

Led by CEO and co-founder Johan Vosmeijer, the Netherlands-based company has partnerships with beer giant Heineken and online retailer Amazon.

Prime Technology Ventures invests in hardware and software technologies in wireless, networking and the internet, with a particular focus on the Netherlands, Finland, Sweden, Israel and the UK.

There are currently no comments on this post.

Related Articles

• Capital Fund backs food businesses
• Second round of investment for Mydeco
• Funding for Spring Wireless
• Consultancy buy increases Hallin’s prospects
• Ipanema raises $7 million from Noble

People who read this article also read ...

• Octopus backs Hydrobolt MBO
• Elysian makes the cut with debut investment
• Phibro Animal Health raises $45 million
• Matrix takes over Income & Growth VCT
• AIM companies ripe for acquisition

Related sections

Interesting links

• The AIM Guide 2008 - the Spring guide of every AIM listed company
• Cash Shells on AIM provides a comprehensive overview of cash shells on AIM, companies that have become a significant feature on the AIM landscape.
• New Issues on AIM 2007/08 research report - find out which international companies have floated and which sectors are dominating
• Businessxl magazine for entrepreneurs of fast-growth companies
• Corporate Hospitality Packages - ViewLondon.co.uk corporate hospitality packages cover rugby, music concerts, festivals, tennis matches and many more.
• VCT special research report - an in-depth analysis of the VCT sector
• Middle East and Beyond on AIM 2008 - a closer look into AIM companies from the Middle East and surrounding regions
• Spotlight on AIM 2008 research report – find out the best and worst performing stocks of last year
• Director's Salaries on AIM 2007 research report - a detailed look at directors' average remuneration
• FT Guide to Personal Tax - advice to completing your tax return
• MandAdeals.co.uk - covering latest mergers and acquisitions
• Aimguide.co.uk - guide to the Alternative Investment market