CNET: Music Social Network Imeem Lands New Funding

Authored by Mark Hefflinger on May 6, 2009 - 7:40am.

San Francisco - Music-focused social network imeem has raised an undisclosed sum of new funding, CNET News.com reported, citing anonymous music industry sources.

The infusion will likely keep the company, which was reportedly desperately low on cash and near shutdown, alive through at least the end of the year, the sources said.

San Francisco-based imeem, which offers ad-supported, free music streaming, has previously raised funds from investors including Sequoia Capital and Warner Music Group.

In March, TechCrunch reported that a shutdown of the company was "imminent" unless it succeeded in finding new funding or a buyer.

http://www.imeem.com