Sellaband, a website that provides music groups the option to promote themselves and receive funding from a pool of “fans” - who in turn earn a portion of profits from subsequent sales - has itself received funding to the tune of $5 million from Prime Technology Ventures. The purpose of the infusion is to facilitate the expansion of the business in the US, according to Gavin Haycock of Reuters. Sellaband primarily serves artists east of the Atlantic at present.
The company has been in operation for nearly two years, and opened its first office in New York in Q4 2007. Prior to this announcement of a planned geographical expansion, Sellaband pledged late last year to a partnership with Amazon UK to broaden its potential reach. Johan Vosmeijer, the company’s CEO, says that “America is the biggest market for us, potentially.”