New York - Sellaband, a Netherlands-based company that helps bands raise funds for recording by enabling fans to contribute online, has raised $5 million in new financing from Prime Technology Ventures.

Founded in 2006, Sellaband has to date funded recordings from 18 bands from 11 countries, using a model that provides a $50,000 budget if a band can accrue $10 investments from 5,000 fans.

The company recently partnered with Amazon UK, which will feature Sellaband artists on its site.

Sellaband said the funds will be used for marketing, and to accelerate its expansion in the U.S. The company opened an office in New York in late 2007.

Related Links:
http://www.sellaband.com