8tracks to restrict equity crowdfunding to $10m round


Music-streaming service 8tracks is set to kick off its round of equity crowdfunding, allowing private investors to buy shares in the company, including the general public.

The company had already said it had received indications of interest totalling $33m, but will not be seeking that much in the round.

“Over the past several months, we’ve received over $33,000,000 of investment interest from more than 35,000 people. Based on the outstanding response, we’ve decided to publicly file with the SEC to pursue equity crowdfunding for our Series A round, which will be limited to $10,000,000,” explained 8tracks in an email to potential backers.

“In just a few weeks, we plan on launching our live fundraising campaign – accepting actual investments from the general public.”

In the meantime, early backers are being invited to reserve shares via the SeedInvest funding platform.

Written by: Stuart Dredge