After a successful first round in January 2014 where they raised £201,700, Psonar returned to SyndicateRoom and successfully raised a further £343,458 to roll out globally in Latin America, Southern and Sub-Saharan Africa and South East Asia by partnering with mobile operators in these markets.
Video overview of Psonar
Psonar is a ‘Pay Per Play’ mobile music streaming service with a pay-as-you-go payment model offering users more flexibility than subscription streaming services. Psonar’s PPP (Pay Per Play) model allows users access to on-demand (meaning that they can choose the specific tracks that they play) streaming music without subscription or advertising.
To facilitate its Pay Per Play payment model, Psonar has implemented direct-to-mobile billing. This allows users to pay using their phone credit or contract, with all the major UK operators: EE (which incorporates Orange and T-Mobile), O2, Vodafone, Three and Virgin Mobile.
The lead investor in this round was Henry Hadaway MBE, a music and media industry professional.
Where are they now?
Psonar was interviewed by innovation charity, Nesta, for their **20 Shades of Startups **project which takes a fresh look at different types of high-growth firms to better understand tomorrow’s innovators.
The Psonar app is now available free on the Amazon Appstore for Android.**