Monday 23 October 2017

Ex-FAI boss Rooney seeks €10m for digital music firm

Roisin Burke

EX-BALTIMORE Technologies and FAI boss Fran Rooney has put together finance for a social media company, backed by big names and aiming to raise upwards of €10m in further early funding.

Gomuzo will be a music upload portal where the film and advertising industry can source soundtracks and music.

"It's a social networking platform for the music industry, where songwriters and composers can upload their work," Mr Rooney told the Sunday Independent. "We're putting the board together and paving the way to launch. It will be up and running before the end of the year."

Fully funded to date, "the company is expected to attract further investment going forward", Rooney said.

"This is going to be a global site requiring considerable finance, far upwards of €10m in the short term.

"The technology and administrative side will be based in Ireland, but the main initial market is in the US, and we will set up an office there," he added.

Mr Rooney said "a couple of interesting people are involved" as backers in the site, which is owned by a company registered in the Isle of Man.

"We have about 30 investors and the company is expected to attract others as it seeks to raise tens of millions in an early funding round," he said.

Sunday Indo Business

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