CHARLOTTE – Vertigo Media Inc. has raised another $5.9 million in debt from two investors, according to a recent SEC filing.
That’s in addition to $2.2 million raised in July and another $5.8 million March of last year, bringing the sum total to almost $14 million.
The round is capped at $20 million, with a little more than $6 million remaining to be sold.
According to the filing, around $2.2 million of the offering proceeds may be paid as compensation to employees.
Hal Eason, the firm’s chief financial officer, signed off on the filing.
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.
“’Sharing live’ on Vertigo happens when a user who has linked their Apple Music or Spotify Premium account chooses to allow others to experience music with them in real time,” the firm explained on its website.
“Unlike a broadcast where the person sharing content is the source, Vertigo’s patented method flips this model so that protected content is never fulfilled by the person sharing, but by the legal access point of the person listening.”
Charlotte-based Vertigo Media raises $5.8 million, looks for more
