Music Tech Funding: Spring Moves, Rdio, ROLI
Today's music tech funding news includes an interesting new entrant, Spring Moves, that provides streaming music in a fitness app. It's also been revealed that Rdio has been selling equity but that much of the investments is being paid in the form of promotions. And ROLI, who make that weird but cool keyboard/instrument, have received additional funding. More supplies for the long march ahead!
Spring Moves: Streaming Music Fitness App
Spring Moves combines streaming music and fitness apps in a really smart way which has allowed them to raise $1 million in funding:
"When a [sic] starts a workout, they simply select an activity (like swimming, running, biking, etc) and then do a 30-second rhythm analysis to get the right tunes to match your workout. The app analyzes things like beats per minute, mood, and beat intensity through an algorithm, offering an entirely unique playlist for each user and each workout."
Five hours free then it's $4.99 a month or $24.99 a year.
Great idea with a huge potential for acquisition by a major streaming company if people respond.
Rdio "sold equity, warrants or options worth $108 million"
According to Billboard's Glenn Peoples, Rdio's parent company Pulser Media:
" sold equity, warrants or options worth $108 million from unnamed sources over the last 13 months according to numerous new SEC filings. The filings detail amounts of $25 million in April, $4.4 million in December, $3.8 million in November, and $75 million in September of 2013."
Peoples notes that "at least some of the equity offerings did not involve cash" and that Cumulus Media and Shaw Communications have invested in Rdio/Pulser Media with Cumulus paying with "$75 million of promotional commitments." Shaw Comm. is also investing as part of a "promotion partnership."
ROLI Raises Additional $3.7 Million
ROLI, creators of the unique keyboard/instrument Seaboard, received a $12.8 million Series A funding round earlier this year.
According to a company announcement, ROLI has raised a Series A follow on round of $3.7 million from Horizons Ventures.
More:
- Music Tech Funding: Rowl, Ticketbis, Sensbeat
- Music/Tech/Media Deals: From Startup Funding To Big Brand Partnerships
- Music Tech Funding: 8tracks, Exploration And A Fundraising Tip From Bop.fm's CEO
Hypebot Senior Contributor Clyde Smith (@fluxresearch) recently launched DanceLand and is relaunching Crowdfunding For Musicians. Contact: clyde(at)fluxresearch(dot)com.
