Guvera Aims To Raise $50 Million Ahead Of U.S. IPO
March 29, 2012 at 6:36 AM (PT)
Australian online music start-up GUVERA is seeking investors for a $50 million "private placement" before its planned public listing in the U.S. next year. The start-up, founded by CLAES LOBERG, plans to appoint former VIRGIN MUSIC Pres. and WARNER BROS. RECORDS Pres. PHIL QUARTARARO to run its U.S. operations.
STARTUPSMART.COM.AU reports "GUVERA is an ad-sponsored service that gives members free access to music in exchange for drawing their attention to branded online content. The company will also look to relocate its headquarters to the U.S. as it attempts to capture more advertising dollars, but needs to strike more musical licensing deals in order to do so."
The report claims GUVERA "has already signed music deals with UNIVERSAL MUSIC and EMI, and is finalizing a third deal with SONY MUSIC."