8tracks is on a roll. The company says they’ve remained profitable since 2012 with limited funding.
Back in April they secured direct licensing deals with CD Baby, INgrooves, Dim Mak, and DashGo. This direct licensing means that 8tracks in no longer dependent on SoundCloud for content.
8tracks has now announced new licensing deals with TuneCore, Naxos, Armada Records, and Black Hole Recordings. This adds about 2.5 million tracks to their library.
They’ve also taken $2.5 million in debt financing from Silicon Valley Bank. According to Billboard, $2 million is a line of credit against receivables and $500,000 is in venture debt. Prior to this, 8tracks had raised $3 million in seed venture funding.
8tracks will work on building their engineering and product teams.
Nina Ulloa covers breaking news, tech, and more: @nine_u
Photo by Pictures of Money on Flickr used with the Creative Commons License