NEW YORK-Mobile music software company MusicGremlin Inc. picked up an undisclosed amount of capital in a recently closed Series B funding round led by Allen & Company LLC.
The 2-year-old technology company, which is working to allow users to download tunes directly to their handsets via third-generation or Wi-Fi networks, said it has garnered more than $5 million in investment capital to date. MusicGremlin hopes to offer both subscription and pay-per-download services that require neither newly installed software nor a PC.
“Our partners are anxious to bring our technology and service to market to differentiate their next-generation digital audio products,” said Jonathan Axelrod, the company’s co-founder. “We are thrilled that this investment will help us to make our vision of giving consumers a ‘record store in their pocket’ a reality.”
MusicGremlin said it will use the cash for general purposes and to expand its operations. Under terms of the investment, Allen & Co. Managing Director Richard Fields will join the company’s board of directors.
