Home › DMW Daily › November 10, 2009

Qtrax Delays Australia Launch; Seeks $50M in New Funding

Authored by Mark Hefflinger on November 10, 2009 - 8:27am.
New York - Qtrax, an ad-supported song download service, has missed its planned launch date for Australia, as it seeks to raise another $50 million in funding, the Financial Times reported.

The company reported the delay on its blog, and said the service is expected to launch in Australia later this month.

Qtrax has to this point "sustained itself on funds from wealthy individuals, mostly in Singapore and other parts of Asia," FT reports, but three months ago hired CLSA, the brokerage unit of Credit Agricole, to aid it in raising $50 million in new financing.

Chief marketing officer Lance Ford told FT that a successful launch in Asia -- the company plans to roll out in nine countries in coming weeks -- was "critical" to its ability to raise new funds.

The company, which had previously announced plans to launch in the U.S. in July 2009, told FT that it now expects a U.S. launch in the first quarter of 2010.

 

Related Links:
http://snipurl.com/t66eq (Financial Times)

http://qtrax.wordpress.com/2009/11/06/the-deal/

Published in DMW Daily, November 10, 2009
tags: Deals | VC | Advertising | Music | Qtrax | CLSA |



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