This week, we’re filing with the SEC to make it possible for anyone to buy shares in 8tracks — making us one of the very first music companies to announce an equity crowdfunding round.
Over the past couple of months, we’ve asked our listeners and DJs if they’d contribute to this crowdfunding path for 8tracks. The response has been astounding, with over $30,000,000 of investment interest expressed by 30,000+ fans!
Sufficiently inspired, we felt the urge to channel our feelings through this playlist we made for you:
❤ You inspire us ❤
This type of crowdfunding hasn’t always been available to startups. Until last summer, only accredited investors — people who earn more than $200,000 per year or have a net worth greater than $1 million — were primarily allowed to buy shares in private companies without relying on very particular regulatory exemptions. Thankfully, the US Jobs Act now makes it possible for anyone to invest in emerging companies.
With only $3.3 million in total funding, 8tracks has accomplished much over the past 8 years — serving 16+ million listeners over time and streaming more than 20m hours per month.
New funding will allow us to bring 8tracks back to a global audience, extend access to new platforms in the home and car, and make it easier for listeners to find playlists they’ll love. We’ll also be equipped to pursue direct deals with record labels to offer a complete music library for making playlists on web and mobile.
The SEC normally takes two or three months to review applications, so we’re planning to launch our live funding round near the end of May or early June.
We’ve partnered with our friends at SeedInvest to help us through the equity crowdfunding process. Visit them here to indicate interest in investing and keep updated on our funding progress.
Learn more about crowdfunding 8tracks
Thank you once again for your support. We’re thrilled to embark on this adventure with you to make 8tracks better for years to come.
Disclaimer: © 8tracks, Inc. (8tracks) is “testing the waters” to gauge market demand from potential investors for an Offering under Tier II of Regulation A. No money or other consideration is being solicited, and if sent in response, it will not be accepted. No offer or sales of the securities will be made or commitment to purchase accepted until qualification of the offering statement by the Securities and Exchange Commission and approval of any other required government or regulatory agency. An indication of interest made by a prospective investor is non-binding and involves no obligation or commitment of any kind. To make an investment in any deal currently testing the waters on the SeedInvest platform available to the general public, the Company must first register and qualify the offering with both State and Federal regulators. No offer of securities will be made without a registration statement.