DRM-Free Indie MP3 Site, mTraks Gets $550K From Some Angels

Posted Apr 7, 2008

“Our new round of financing opens the door for greater development of the mTraks experience including exploration of increased artist-direct functionality,” stated mTraks founder/CEO, Dey Martin. “Our goal is to give both signed and unsigned artists the opportunity to sell their songs directly on our site and reap one of the industryâ??s highest revenue shares.”

San Diego, Calif.-based DRM-free independent MP3 site, mTraks announced today that they have raised $550,000 from several angel investors. The company started a year ago and sells about 1 million songs across several genres.

mTraks community gets 100,000 visitors per month and receives music from 5,500 indie labels.  Bands and artists on mTraks can create web sites with bios, pictures, concert details, and music samples.  Through mTraks, music tracks can be bought individually or streaming over the Internet with a cost of $9.99 per month.

The company raised the same amount last year to bring the total funding to $1.1 million.

Information Sources:
[1] paidContent: Music Community mTraks Raises $550k From Angels by Joseph Weisenthal
[2] mTraks Press Release: Independent Music Community & Marketplace mTraks Secures $550,000 in Additional Funding