There are conflicting reports coming from the US about social music service, with Business Insider reporting that the startup has raised $7.5 million that values the company at $37.5 million. It suggests that the New York-based company now has more than 300,000 users too. VentureBeat backs up the 300k users stat, and suggests that the company is looking for a funding round in the $5-$10 million range. But TechCrunch pours cold water on the idea that a funding round has actually been closed, quoting co-founder Seth Goldstein as saying “We have not closed any new financing”. That said, the report suggests that there is “intense competition” for the deal between VC firms including Union Square, Accel and Kleiner Perkins. Union Square’s involvement is interesting: while its partner Fred Wilson has publicly said how much he likes, he is also on record as saying he refuses to invest in startups that require music licensing deals.

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