RadioandMusic
| 28 Nov 2020
Neil Young's PonoMusic raises $6 million

MUMBAI: In the second-round of crowd-sourcing, Neil Young's PonoMusic has raised 157 per cent of its targeted goal. The target sum was $4 million and it has raised more than $6 million.

The second sound was launched on equity crowd-funding called 'Crowd funder' on 1 August and will close on 1 September. At the time of reporting, PonoMusic had raised $6,267,700 and for this the minimum investment was $5,000. According to Crowdfunder, pre-money Valuation is $50 million.

The first round of funding took place on Kickstarter, with a target of $8 million, but it managed to raise $6 million.

Previously, the company issued a statement saying, "Neil and the team at PonoMusic are excited about democratising the financing process by giving their Kickstarter backers, and anyone who loves music, the opportunity to now invest and become an owner in PonoMusic."

It took around 35 days on Kickstarter to raise $6.225 million.

In March this year, Young announced that Pono would provide "the finest quality, highest-resolution digital music". PonoMusic encompasses both an online music store (PonoMusic.com) and a playback device (The PonoPlayer).

The PonoPlayer has 128 GB of memory and can store 1000 to 2000 high-resolution digital-music albums. The PonoPlayer will be sold at PonoMusic.com for $399 and is expected to be out by this October.