XDATA – September 25th 2014
Pono Music received two commitments for its $8 million financing round. Investors committed to buy 13% or $1 million worth of equity on September 11th. An additional $7 million in funding is to be raised until the offering draws to a close in September 2015. The company closed three previous unregistered private placements which raised an estimated $4.51 million.
The company is the maker of the PonoMusic player, a device that brings back the sound of original masters and the intention of the artists digitally. Neil Young is the company’s founder and the vision, force, energy, and voice of PonoMusic.
The company, headquartered in San Francisco CA, is led by Rick Cohen (President). Pono Music elected to keep its revenues undisclosed.
The executive team includes Neil Young.
The board of directors includes Elliot Roberts, Gigi Brisson, John Tyson and Pegi Young.
The company has raised an estimated total of $5.51 million via private unregistered security offerings.
Pono Music is registered under the name Ivanhoe (DE)
Status: First close
Company: Pono Music
Industry: Other Technology
Amount offered: $8 million
Amount placed: $1 million
First sale: 09-11-2014
Data as of: 09-23-2014