Music Blog Network MOG Raises $5 Million; Will New Streaming Service Launch?
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Music blog network MOG is set to announce Friday that it has raised $5 million in a round of funding led by Menlo Ventures. Existing investors Simon Equity Partners and Scott Jones also participated. Asked about the company’s plans for the cash, founder David Hyman tells us that it’s “putting gas in our engine.” On its flagship site, MOG aggregates content from the 700 third-party music blogs in its ad network, as well as from the thousands of users who have created their own posts on MOG. Hyman says traffic across MOG’s network has jumped to 8 million uniques, up from 1 million eleven months ago.
The company also has ambitious plans to overhaul its streaming service to add unlimited listening, along with other features (TechCrunch profiled the product earlier this year). But the company first needs to get all four major labels on board. Hyman wouldn’t comment on the progress of those talks, although he said “the fact that Menlo—one of the best VCs in the country—made this investment has a lot to do with their belief that we can execute as a team.”
SEE ALSO: Music Community Site Mog Gets $2.8 Strategic Investment From UMG, Sony BMG, And Angels
MOG will have now raised a total of $12.5 million since its start four years ago. Universal Music Group and Sony (NYSE: SNE) BMG have both previously invested in the company.
Posted In: Entertainment, Music, Money, M&A & Venture Capital, Venture Capital
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