In anticipation of its formal launch, self-serve music licensing marketplace YouLicense.com Inc. has landed a $1 million Series A round of funding led by Israeli firm Ofer Media. Mobile content provider Logia Group Ltd., also of Israel, contributed capital in the round, following on its participation in a seed round worth about $100,000.
Based in Tel Aviv with additional operations in London and New York, YouLicense has operated the beta version of its Web site for about a year, but is preparing an official launch in the coming months. YouLicense's Web site will act as an intermediary marketplace, connecting licensers such as television, film, commercial and video game producers with independent musicians and labels. The marketplace will allow both parties to negotiate rates.
Chief executive Maor Ezer says most of the new money is earmarked for business development and marketing, but that the company's "first priority is to have the best technology available." YouLicense competes with Pump Audio, acquired last year by Getty Images Inc. for $42 million.
YouLicense said new chairman Reavis Daniel Moore received equity in the startup as compensation, but did not invest in the Series A round.
A Series B round is likely in the coming months, according to Ezer. The company plans to speak with venture firms in the U.S. and U.K. as it raises more capital, although Ezer said YouLicense remains open to various investor types and geographies. - Paul Bonanos
See press release from YouLicense via PR Newswire
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