MyStrands Completes B Round, $55 Million Raised To Date
Nick Gonzalez
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Social music recommendation service MyStrands has completed the second half of their B round, raising an additional $24 million from Spanish Bank BBVA on top of the $25 million we reported earlier.
BBVA is a financial services group with more than $782 billion in total assets, 42 million customers in 40 countries and a market capitalization of approximately $95 billion. This brings total financing for the Corvallis, OR based startup to $55 million, significantly more than $5 million raised by London-based Last.fm which started around the same time (later sold for $280 million).
MyStands core products are a music recommendation engine for discovering songs you love while on your computer, mobile, and even playing them in bars you frequent. They recently launched a music video product that puts a more pleasant face on YouTube’s music video archives. They’ve made over $12 million in sales from these products during 2007.
Even with revenues pacing nicely, $24 million is a lot of capital and its not clear they really need it. The company says the money will go towards expanding their recommendation engine beyond music, although they’re not saying how quite yet. The most MyStrand’s VP of Communications Gabriel Aldamiz-Echevarria will say is that “…the general idea is to keep building technologies that will help people discover different products and services.”
Well, now they have quite a war chest to pursue that goal.
