Australian based ad supported music service Guvera is on the hunt for $50 million ahead of a mid-2013 IPO in the United States. To head the effort, the company is hiring recording industry veteran Phil Quartararo to run its US operations. Quartararo has previously served as CEO of Virgin Music America and president of Warner Bros Records.
Guvera already has deals with EMI, Sony and Universal. But Warner Music Group is a holdout so far. "Obviously, having Phil as a former president of the company in the States is a big helping hand for us,â Guvera chairman Darren Herft is quoted as saying.
While a shift to a more Spotify-like offering is rumored in industry circles, to date Guvera has focused on ad supported music downloads. The company has previously raised $25 million, mostly from small investors.