Despite of the downturn and bad overall economical situation in Iceland, the new social music service gogoyoko (see our previous intro) has secured 100 million Iceland Kronur (slightly more modest in euros: EUR 0,69M; USD 0,89M) in funding from Icelandic The New Venture Business Fund (90 %) and private investor Vilhjalmur Thorsteinsson (10 %).
The purpose of the funding was not disclosed, but in the company's newsletter it is stated that the firm has been growing steadily and just moved to a bigger office. gogoyoko is still looking for more people and prepares for increasing international marketing activities this year. gogoyoko has gotten advice and steering for the fundraising and product development process from Norwegian "New Media Innovation House” Ignitas that also has taken an equity stake in gogoyoko. Ignitas has been previously involved in selling Norway's #2 social network Biip.no to media enterprise Egmont/Nettavisen.
gogoyoko provides artists and other music right holders a social marketplace allowing them to sell music directly to consumers worldwide without middlemen. The service is currently running in closed beta, planned to be publicly opened in April. gogoyoko's service is promised to include interesting features like a custom music player embedable to any site through which the users can stream (ad-funded) tracks and albums for free. The player is also supposed to include a music store interface. On gogoyoko's portal, artists can create their personal sites, write news, blog entries, upload discography, pictures, videos, and enter gig information to gogoyoko's global map.