OurStage Lifts Curtain on $2.6M

Wade Roush5/20/10

Chelmsford, MA-based OurStage, which runs an online community where indie bands gain recognition through audience voting in monthly contests, has raised $2.63 million in an offering combining equity, options, and warrants, according to a regulatory filing. In 2009 the company collected $3 million out of an intended $6 million Series B round; its backers then included Portland, ME- and Austin, TX-based Signature Capital and a large group of about 100 angel investors. Added to the company’s 2008 series A round of $13 million, the new money brings the startup’s total venture pot to roughly $19 million. In March OurStage announced a strategic partnership with MTV Networks, owned by Viacom (NYSE: VIA).

Wade Roush is Xconomy's chief correspondent and editor of Xconomy San Francisco. You can e-mail him at wroush@xconomy.com or follow him on Twitter at twitter.com/wroush.