Melodeo announces $7.9M in new funding to drive growth of online and mobile music
October 18, 2007
SEATTLE -- Melodeo, Inc., a leader in delivering music and other media via mobile phones and the web, today announced it closed a new preferred funding round of $7.9 million. Ignition Partners and Voyager Capital led the round.
The company said the investment will be used to advance Melodeo's flagship product, nuTsie(TM). nuTsie is a free online and mobile music service that allows anyone to listen to their iTunes music and playlists in hi-fi quality on their PC or mobile, explore other users' playlists and share music with friends.
This investment follows closely on the heels of a licensing deal with Korean Telecom Freetel (KTF), a leading wireless service operator in South Korea. This agreement, announced in September, gives KTF the rights to distribute Melodeo, Inc.'s industry-leading synchronized web and mobile entertainment technology throughout Korea.
"With this new funding, the KTF licensing fee and the revenue generated through our distribution deals with several wireless carriers, we've created enough runway to grow nuTsie into a substantial player in the music delivery arena," said Olin Nichols, Melodeo's Chief Financial Officer.
Melodeo Inc.
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