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An online business that allows music fans to buy shares in new bands to help them release their first album has raised $5 million (£2.5 million) of venture capital (VC) funding. Sellaband secured the funding in a Series A round led by Amsterdam-based Prime Technology Ventures.

A new investor in Sellaband, Prime Technology Ventures expects the company to ‘change the face of the music industry’. Managing partner Sake Bosch says: ‘We believe in the concept and the longevity of the Sellaband model, and so investing in the company makes complete financial sense.’

Sellaband’s business model entails establishing a direct relationship between ‘believers’ in new bands, who can buy shares for as little as $10, and the artists themselves. Once money raised reaches $50,000, Sellaband helps the artists fund the professional recording, distribution and marketing of an album.

Led by CEO and co-founder Johan Vosmeijer, the Netherlands-based company has partnerships with beer giant Heineken and online retailer Amazon.

Prime Technology Ventures invests in hardware and software technologies in wireless, networking and the internet, with a particular focus on the Netherlands, Finland, Sweden, Israel and the UK.

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