SAN MATEO, Calif – Napster Inc., the world’s leading filesharing community,
today announced it has closed a $15 million Series C venture capital funding
round. The round was led by Hummer Winblad Venture Partners, with
additional investments from Angel Investors LP and other existing investors.
Hummer Winblad partners Hank Barry and John Hummer will join the Napster
Board of Directors. As part of the investment in Napster, Barry will become
interim CEO.
“We are extremely pleased to be part of the Napster community,” said
Barry. “According to a recent poll, over 70% of all college students have
used Napster’s software, and 19.2% use it every day. With over ten million
registered users within its first nine months, Napster’s filesharing
application has become the most rapidly adopted technology in the history of
the Internet.”
“Hummer Winblad is the perfect firm and Hank is the perfect person to take
this company to the next level,” said Eileen Richardson, the company’s
interim
CEO for the past nine months. “Having accomplished what I set out to do at
Napster: build an incredible management team, create traction in the
market,
and raise venture money, I am excited to see Napster, Inc. move forward as a
next-stage company.” Richardson, a veteran venture capitalist, will
continue
in an advisory role to the company.
Napster is the world’s leading filesharing community. Napster’s software
application enables users to locate and share media files from one
convenient,
easy-to-use interface. It also provides media fans a forum to communicate
their interests and tastes with one another via instant messaging, chat
rooms,
and Hot List user bookmarks. Napster was founded in 1999 by
eighteen-year-old
Shawn Fanning, then a freshman at Boston’s Northeastern University.
Hummer Winblad Venture Partners, www.humwin.com , has earned a global
reputation for helping emerging firms become category leaders. Its
portfolio
features emerging leaders in internet infrastructure, electronic commerce
and
applications services, including Liquid Audio, AdForce, Net Perceptions,
Pets.com, HomeGrocer.com, Rivals.com, The Knot, Excelergy, Extensity,
Employease and Hurricane Technologies.
