Monday, March 20, 2006

Groove Mobile Raises $8.5 Million in Second Round of Venture Capital - Andover, MA

Groove Mobile, an Andover-based provider of mobile music downloading services, has raised $8.5 million in its second round of venture capital, led by Egan-Managed Capital, Private Equity Week reported on Monday, citing a regulatory filing. Other investors in the deal include Charles River Ventures, Kodiak Venture Partners and SVM Star Ventures Management.. Groove Mobile's service includes mobile downloads, peer-to-peer sharing, personalized music recommendations, and streaming radio. The company offers access to music from EMI, Warner Music International, V2, Beggars Group, Digital Rights Agency and The Orchard libraries.


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