XDATA – August 28th 2014
A first close of $1.28 million was initiated by 8tracks on its $1.42 million equity offering. So far twenty-seven investors committed to the non-brokered placement which started a little over a week ago. The company is filing for the first time a security registration exemption with the SEC.
The company is a social music platform where users can listen to and create playlists. Listeners can search for a mix by artist or genre, stream it in a legal, radio-style manner, and follow others who make compelling mixes. The platform was designed to discover music and communicate via music. The platform has six million users and growing.
The company, headquartered in San Francisco CA, is led by David Porter (CEO). 8tracks elected to keep its revenues undisclosed.
The executive team includes Remi Gabillet.
Status: First close
Industry: Other Technology
Amount offered: $1.42 million
Amount placed: $1.28 million
First sale: 08-18-2014
Data as of: 08-28-2014