Digital music store operator PassAlong raising $30 million equity round
Posted by: admin in Investments and Raising MoneyFiled under: Investments
White-label digital music store operator PassAlong Networks Inc. is raising a new $30 million equity round that’ll include strategic investors and private equity firms, according to chief executive Dave Jaworski.
The five-year-old company announced this week that it had set up its 200th digital store at a radio station in Merced, Calif., and also maintains online retail sites for organizations as diverse as Trans World Entertainment’s F.Y.E. entertainment chain, Procter & Gamble Co., mobile-phone operators and music festivals.
PassAlong previously raised $39 million in four rounds, even though it hasn’t identified any of its equity investors or indicated how much debt is included in that total amount. It also hasn’t formally announced a recent $4 million equity round, which followed a $10 million funding in April 2007. Jaworski says the upcoming round will replace all of the existing debt with equity, and he added that PassAlong has received enough verbal commitments that the round is already oversubscribed. He expects the deal to be complete by this summer and states PassAlong will be Ebitda-positive by the end of 2008.
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