[Posted on April 15, 2008 - 11:42 AM]
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DiggSequoia Capital has made a follow-on investment of undisclosed size in music-oriented social network Imeem Inc. It isn't clear whether Morgenthaler Ventures, the startup's other venture investor, also participated in the new round or whether a new investor was involved.
Imeem last week acquired Snocap Inc., the ailing startup co-founded by Napster whiz Shawn Fanning and angel investor Ron Conway, for an undisclosed amount. Imeem was primarily interested in Snocap's so-called digital fingerprinting technology, which allows tracking of shared mp3s, although Snocap had more recently refocused its attention on a widget that sells music over social networks. In another recent deal, Imeem bought online radio software developer Anywhere.FM in January, also for undisclosed terms.
Since neither Imeem nor Sequoia has disclosed details on the latest funding, it's unclear whether the round was planned or whether Imeem simply tapped its investors for more cash to make strategic acquisitions. Observers pegged the Snocap deal at less than $5 million, and it may have included an equity rollover for Morgenthaler, which held stakes in both Imeem and Snocap. Imeem has never formally revealed details of its venture rounds. -- Paul Bonanos
See Apr. 7 post about Snocap from Tech Confidential
