Guvera Raises $20 Million Second Round For Ad-Supported Music Service
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Ad-supported music downloader Guvera has raised a $20 million second round, bringing its total funding over the past two years to $30 million, Techcrunch reported. All of its funding has come from AMMA Private Investment, an Australian consortium of private angel investors.The private, registration-only music site recently signed a big licensing deal with Universal Music Group. Australia-based Guvera is angling to build up its U.S. presence and has already opened a New York office late last year.
SEE ALSO: Guvera Gets UMG To Buy In To Its Dream Of Ad-Supported Music Downloads
In addition to UMG, Guvera also licensing deals with EMI and other labels. It’s hoping to get Sony (NYSE: SNE) and Warner Music Group (NYSE: WMG) on board as well.
Getting ad-support for music downloads is an idea that hasn’t taken off as a business model so far, but it’s also one that hasn’t gone away. FreeAllMusic.com is another fairly new service that’s giving the space a shot, while London- and Stockholm-based Spotify has delayed its U.S. launch to concentrate on the Chinese marketplace.
Posted In: Advertising, Entertainment, Music, Marketing, Money, M&A & Venture Capital, Venture Capital, Countries, Australia & New Zealand, amma private investment, guvera
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