We7 Closes New Funding Round, Charts Expansion Of Music Streaming Service
We7 has added new funding and will use the money to expand across Europe. Participating were co-founder Peter Gabriel, Eden Ventures, Qualcomm Inc. through its venture capital arm and Pentech Ventures. The amount of the investments were not disclosed.
Certainly the investments are well timed to help we7 compete in an increasingly competitive cloud music sector. "There's no doubt in my mind that we're on the cusp of seeing a massive change in how people consume music," Steve Purdham we7 CEO said. "People love music but not everybody wants limitless choice or has the time to search millions of songs. They want a music service that is easy to use, plays them music they like, entertains them and discovers new music for them."
we7 works more like Pandora and Slacker than Spotify. Users can choose an already existing "radio station" or type in the name of an artist, song or genre and we7's Internet Radio Plus functionality does the rest.
Initial plans are to grow the existing team and expand into multiple countries in Europe during 2011 before setting their sights overseas.