Jamendo, a community of free, legal music published with Creative Commons licenses, is actively looking to sell to or merge with another company, TechCrunch Europe has learned. Jamendo CEO Laurent Kratz has confirmed rumors that had made their way to Twitter earlier this week.
The reason is fairly simple: Jamendo is running out of money after failing to raise a follow-up round of venture capital. The startup was looking to raise 1.5 million euros (roughly $2.15 million) after securing a ’significant amount’ in Series A funding back in June 2007. The company failed to come to an agreement with Mangrove Capital Partners, its original backer, and a potential new investor.
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