Young Icelandic IT company Gogoyoko, founded by musicians in November 2007, raised ISK 100 million (USD 874,000, EUR 694,000) from the New Venture Business Fund in Iceland and private investor Vilhjálmur Thorsteinsson earlier this month.
Gogoyoko.com is a social music marketplace where artists and others involved with the music industry can market and sell their music directly to consumers all around the world without having to rely on middlemen, as explained in an Iceland Music Export (IMX) newsletter.
The online marketplace includes some features that are new to the web, such as a music player that can be embedded on any website with the music store rooted in the interface.
Gogoyoko supports several charity and environmental organizations and artists are encouraged to donate ten percent of the music sales to charity while the company will donate ten percent of its advertising revenue to a worthy cause.
Gogoyoko.com is currently running in a closed Beta-version with access limited to invitations only. Public launch is scheduled for April this year. Gogoyoko’s partners are Tekmindz in India, Klein Interactive in Germany and Ignitas in Norway.