Psonar raises £200k through SyndicateRoom to fund its pay-as-you-play music streaming platform.
The crowdfunding campaign was backed by private investors and business angels, including David Ryan.
Psonar provides a cloud-based digital jukebox that enables users to stream music on mobile devices using a pay-as-you-go credit system.
Psonar has secured £200k in equity funding through crowdfunding platform SyndicateRoom, exceeding its initial fundraising target. The investment comes from private backers and business angels, including David Ryan.
The capital will support the ongoing development and expansion of the cloud-based music service. Psonar provides an alternative to monthly subscription models by allowing users to pay per track using pre-paid credit, targeting listeners who want on-demand access without fixed monthly commitments.
The platform currently offers over 1.4m tracks from independent labels and Universal Music, accessible via dedicated mobile applications and web browsers.
Investor perspective
"Psonar has certainly been a hit with our crowd! Their unique blend of music streaming and the pay-as-you-play model lowers the barrier to entry for music lovers who don’t fancy shelling out on hefty subscription models. There’s a huge audience of digital natives out there who’ve grown up with streaming, but expect to only pay for what they want, when they want it. For this audience, traditional models of ownership – e.g. buying tracks from the Apple Store – doesn’t cut it any more. We at SyndicateRoom are delighted to be part of Psonar’s exciting journey, and to have offered private investors the chance to invest in this exciting opportunity alongside experienced business angels – including 2013 Business Angel of the Year runner up David Ryan – who are putting their own money on the line"
Gonçalo de Vasconcelos
founder and CEO, SyndicateRoom
