January 20, 2010

By By Glenn Peoples, L.A.

Music discovery Web site OurStage has recently raised about $2.55 million in new funding, according to a company representative.

The recent funds bring the total to approximately $5.2 million of a $6 million Series B offering. A SEC filing on January 13 says 49 investors have participated in the recent round of funding. The company raised $17 million in Series A funding in 2008.

OurStage uses fan voting to take undiscovered artists to a wider audience. In March 2008, the company forged a strategic partnership with AOL Music to provide music and other content of its top-ranked artists. In November, OurStage announced it would run a talent search content that will put artists on an emerging artist stage at the 2010 Lilith Fair tour.

The Chelmsford, Massachusetts-based company told paidContent in August that it expects to reach profitability sometime in 2010. Don Ienner, former Sony Music CEO and chairman, is an OurStage director. Other directors include David Moore (founder and chairman of 24/7 RealMedia), Gary Cohen (senior VP of marketing and customer experience at Redbox), Bill Wittenberg (co-founder/CEO of Maven Networks) and William Turner (co-founder and managing director of Signature Capital).

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