Music blogging network MOG raises $9.5 million in new funding round
In a new funding round led by Menlo Ventures and Balderton Capital, an amount of $9.5 million has been raised by the music blogging network MOG, which recently introduced an all-encompassing streaming service.
The new funding round, which brings Balderton Capital partner Dharmash Mistry on the MOG board, adds to MOG’s earlier $12.5-million fund-raising round led by from Menlo Ventures and Simon Equity Partners.
The new funding will not only enable the company in developing mobile apps that allow music streaming to the ‘on the go’ users; but also in materializing deals with hardware companies for pre-installation of MOG on devices ranging from TVs to music players in cars; and working out a launch in Europe to offer competition to Sweden’s Spotify.
Noting that MOG allows users to search through 7 million songs; and boasts some Last.fm-like features, as well as supports a blogging network that posts as many as 7,000 articles per week about bands; the company’s CEO David Hyman specified that MOG does not offer free, advertising-supported streaming – it charges the subscribers $5 per month after a free trial.
In an earlier-this-year interview, Hyman elaborated: “We built this with the original goal of being ad-supported but we realized you can’t make the numbers work. We know that music is already free, so for $5 we want to give you a better value.”
United Kingdom News
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