Social Net Imeem Buys Struggling Music Service Snocap
As had been rumored for a while, music-based social networking service Imeem has finally bought the assets of trouble digital music services firm Snocap. Terms of the deal were not disclosed. This deal brings in content identification technology and a digital registry for Imeem, besides the team. This will help Imeem offer commerce services to labels and artists. Imeem had previously been working with Snocap.
Snocap was founded by Napster founder Shawn Fanning, and had received about $10 million in funding from had raised at least $25 million from investors including Morgenthaler Ventures, WaldenVC, and Court Square Ventures. The company laid off 60 percent of staff last October. It had changed tracks a few times: started a music ID/registry for P2P distribution, and when the industry didn’t take off, moved to a widget-based model to sell music through social networking sites and blogs. Meanwhile, Fanning has moved on, as he usually does after stirring the pot, and has launched Rupture, a virtual social community for online gamers.
Snocap COO Ali Aydar is joining Imeem as its VP of operations, while CEO Rusty Rueff is moving on. Release.
Related StoriesPosted In: Entertainment, Music, Money, M&A & Venture Capital, Mergers & Acquisitions, Social Media, imeem, snocap
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Comments (3)
Apr 7, 2008 12:00 PM
http://www.stanwichadvisors.com/docs/CSV Press Release.pdf
http://www.courtsquareventures.com/team.php - “Mr. Castleman serves or has served as a director of CSV portfolio companies TRAFFIQ, SNOCAP, Labrador Mobile, Grand Central and Optinel Systems.” - Hey Rafat - why not ask Randy Castleman CSV about the actual funding numbers…. Techcrunch is reporting the same 10 million - maybe you can dig deeper?
Apr 7, 2008 12:01 PM
“CSV II recently made its first investment, leading a $15 million Series C investment in SNOCAP, Inc.” - March 24, 2006 - adds up to a whole lot more than 10 million if C round was 15 million!
Sep 10, 2008 10:36 AM
Yeah Imeem is quite fine! It’s part of the websites which contributed to the revolution in the musical world. However, my favourite one in that context is http://www.deezer.com/en which brought real free and legal music-on-demand! It’s quite great, and it has quite a huge catalogue right now! Check it out.