Glastonbury’s CÜR Media, which is developing a streaming music service, said it has received $3.2 million from shareholders exercising warrants at a discounted price.
CÜR said it will use the money for general corporate purposes and to help finish its product, including potential payments to music labels.
“With the help of this capital infusion we are more confident than ever that 2015 will be the year in which we begin to realize the vast potential of our disruptive music streaming platform,” CEO Tom Brophy said in a statement.
Warrant holders exercised nearly 6.5 million $2 warrants at a price of 50 cents per share, the company said.
Last month, the pre-revenue CÜR reported a 2014 net loss of $6.2 million as R&D and other spending ramped up. That was up from a $1 million loss in 2013.
