With just one week until its SeedInvest campaign comes to an end, 8tracks has reportedly secured over $2.1 million from more than 4,000 investors. The crowd-curated internet radio service took to the equity crowdfunding platform earlier this summer with a mission to sell up to $11 million Series A preferred stock to investors.
Launched in August 2008, 8tracks has reached 5 million monthly active users who stream 20 million- 30 million hours of music each month. The company hired its first full-time employee in 2011 and then secured $1.2 million during a seed round, which included investors Index Ventures, Andreessen Horowitz, 14W (backed by Len Blavatnik, whose Access Industries owns Warner Music Group), and a handful of angels from the music sector.
CEO of 8tracks, David Porter, stated:
“At 8tracks, our product literally comes from our community. Bringing people together over a shared love of music is in our DNA. As we explored funding options, it was a logical step to ask our community of listeners and DJs to become actual owners. We’ve been thrilled and humbled by the level of response already.”
The company used “Test the Waters” under Regulation A+ prior to the rules went into effect in May and topped $33 million in indicated interest and its registration rocketed to over $25 million immediately as fans of the platform rushed to support 8tracks. Porter previously revealed:
“In February, we asked members of our community if they’d like to invest in 8tracks, but we never expected the amazing response we got! Over 40,000 people showed interest in owning shares in 8tracks, so we embarked on a path to make it possible. We began 8tracks with a simple premise: the best music discovery experiences happen through people. Today, every single one of the 2,000,000+ playlists people have created on 8tracks reminds us how a shared love of music can build a true community.”
The SeedInvest campaign is set to close on October 21st.
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