Music blogging network MOG has closed a $5 million equity financing round lead by Menlo Ventures. Long-time investors Simon Equity Partners and Scott Jones have also participated to the round and will be joined on the board by Sonja Hoel Perkins of Menlo Ventures. MOG has raised $12.5 million dollars in funding to date.
A number of other blog networks also hope to become the go to place on the web for music; but while some have gained eyeballs, most are no where near profitability. MOG hopes to circumvent that fate by having the majority of its content created free by fans and then hand curated. The approach is finding success among readers with the site getting 8 million unique visitors a month reading the 6,000 new music blog posts generated weekly. Current advertisers include Scion, TAG (P&G), Xbox, Nike, and LG.
“David Hyman and his team have built a company that is poised to dominate a market segment where there is yet to be a clear leader,” said Sonja Hoel Perkins of Menlo Ventures. “We have been impressed with MOG’s team, technology and deep understanding of an industry wrought with change and enormous upside potential.”