A yet-to-launch new player in streaming music, CÜR Media, has raised $1.75 million financing led by members of the company’s management and board of directors.
MBW last reported on CUR (pronounced ‘cure’) in February, when the firm was unveiled backed by music business veterans such as MTV founder John A Lack and former RCA Chairman/CEO Bob Jamieson.
The new funding round, however, has been raised by figures including Tom Brophy, CÜR Founder & CEO, and recently appointed director, Sanjan (“Sunny”) Dhody.
Key music industry professionals participating in the financing apparently included Hector “Tico” Torres, drummer for the rock band Bon Jovi, and Robert Fernandez, President of Mr. 305, Inc., the independent record label founded by Pitbull.
The offered securities consisted of units of convertible unsecured promissory notes bearing 12% interest and warrants to purchase common stock.
The Notes are mandatorily convertible into the company’s common stock at the lesser of $0.50 per share, or a 15% discount to the price of the next equity financing by the company of at least $2.5 million.
CUR said it intends to use the cash for ‘working capital and general corporate purposes’ as it gears up for the anticipated launch of CÜR Music, a social, mobile, and web streaming music application ‘designed to enable its users to go beyond the limitations of traditional music streaming services’.
“We are pleased to have completed this financing which helps to enable our company to take the next step in its corporate evolution,” said Tom Brophy, Founder & CEO of CÜR Media, Inc.
“This infusion of capital was vital in our effort to move forward to complete our near term and achieve an up-listing to a national stock exchange as we head towards the anticipated commercial launch of CÜR Music.
“Our team has worked diligently to prepare for the launch of what we expect to be an innovative and disruptive music experience, and we look forward to attempting to build CÜR Media into a leading force in the multi-billion dollar music streaming industry.”
According to CÜR Music’s PR puff, the app ‘will unlock the truly expressive nature of an individual’s connection with their music by fostering personalization, sharing and creativity’.Music Business Worldwide
