Music Community mTraks Raises $550k From Angels
This story was written by Joseph Weisenthal.
mTraks, a music community and marketplace, has raised another $550,000 from unidentified angel investors. The San Diego-based company raised the same amount last year, for a total raise of $1.1 million. The site offers a platform for independent artists to establish a basic web presence and sell MP3s or full albums directly to fans. It claims to get 100,000 unique visitors per month and to feature music from over 5,500 independent labels. Funding will be used to build out the direct-to-consumer functionality of the site. As MySpace Music is getting into the transactions side of the equation, it's definitely a direct competitor, although smaller sites like mTraks may seek to play up the indie side. Release.
By Joseph Weisenthal