Report: Text Marketer Kadoink Seized by Creditors

Authored by Mark Hefflinger on May 5, 2009 - 7:14am.

San Francisco - Kadoink, a developer of mobile music marketing widgets that raised $7 million in venture capital in January, has been seized by creditor Hercules Technology Growth Capital after failing to maintain a requisite $2.5 million line of credit, TechCrunch reported.

Kadoink CEO Scott Cahill told TechCrunch that the company's remaining "substantial amount of cash" will be returned to Hercules, and a buyer is being sought to maintain the service.

Founded in 2006, San Francisco-based Kadoink operates a service that lets bands offer widgets that send music, voicemail and text messages to fans' cell phones.

Bands that signed on to use the service included Death Cab for Cutie and Third Eye Blind.

http://snipurl.com/hf538 (DMW previous coverage)

http://www.kadoink.com