CHARLOTTE — Vertigo Media Inc. has raised $5.8 million, according to a Thursday filing with the Securities and Exchange Commission.
The money was raised by two investors.
The company has another $3.2 million to raise to meet its goal of $9 million.
According to the filing, $900,000 of the offering proceeds may be paid as compensation to executives.
Vertigo develops a social media platform for the creation and exchange of user-generated content and marketing research revolving around music.
The company’s patented technology allows users to invite friends or followers to listen to curated songs layered with live video, audio and chat.
The song ID and starting timestamp of every song a host listens to during a live session are shared with those tuning in and allow each listener to access the song from their own legal source at the same timestamp as the host playing the song.
The Charlotte-based company is led by Chief Executive Officer Greg Leekley.
Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.
This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism
