Glastonbury streaming music startup CÜR Media said it plans to raise $40 million in a public stock offering.
The company, formerly known as Raditaz, said it plans to sell 22 million shares of its common stock as it tries to launch a streaming music platform later this year or early next year, with the hopes of taking on the likes of Pandora, Spotify and others.
Of the shares CÜR hopes to sell, 11 million are issued and outstanding, while 10.6 million are new, according to the company’s June 26 prospectus filed with the U.S. Securities and Exchange Commission.
The company, which has the founder of MTV and the former chairman of RCA Music Group and BMG North America as its chairman and vice chairman, respectively, went public in January through a private placement offering that raised $9.7 million.
CEO Thomas Brophy told the Hartford Business Journal earlier this year that he expected to try to raise more money before CÜR’s product launch for marketing and other purposes.
