Qello is in the market with a $6 million brokered mezzanine placement. The placement, which hasn’t started to sell, is structured to close in May 2015 or once the placement is fully subscribed. The private placement, excluding $270,000 to be paid toward officers’ salaries and $480,000 to be paid in placement fees, will bring in estimated net proceeds of $5.25 million. Two previous unregistered financing rounds raised an estimated $15 million. The company is backed by middle-market private equity firm GPB Capital.
The company is an on-demand subscription streaming service for full-length HD concert films and music documentaries. For $5 a month, All-Access members can watch as much as they want, anytime, anywhere, on nearly any internet-connected screen without commercials. Free users can watch one track from every full-length concert, as well as Qello TV’s 30+ channels of unlimited concert moments. Qello is available for iOS and Android, and on the web, Amazon’s Kindle Fire, Windows Mobile, Samsung and Sony Smart TVs.
The company, headquartered in New York NY, is led by Brian Lisi (CEO). Qello disclosed having revenues on or below $1 million.
The executive team includes Richard Johnson and Robert Frank.
The board of directors includes David Gentile, Peter Gibson, Robert Kessler and Sal Naro.
Qello is registered under the name Qello Holdings.
Industry: Other Technology
Amount offered: $6 million
Data as of: 05-23-2014