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UPDATED: Raises $7.5 Million, Offers Look At Monetization Strategy

image from This round of funding for is not be closed yet, thanks to competition among venture capitalists scrambling to jump aboard.) Red hot social music startup has raised $7.5 million on a $37.5 million valuation. Originally, launched as Stickybits, stickers that link physical goods to the net, the founders pivoted and grew to 140,000 active users in their first month.The original investors came back for more including First Round Capital's Charlie O'Donnell who offered a hint at how the site plans to monetize its now free music service.

"If asked me to pay a subscription to take it mobile... I'd do it in a heartbeat,"  O'Donnell tweeted last week. may have cracked the social music code. It's enjoyable as both a passive and active music experience. Enter or create a music themed room as one of 1 of as many as 5 live DJ's or just listen as they take turns picking tunes. There are also opportunities to vote, chat and interact.