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The Standard: Hummer Winblad to Fund Napster

May 21, 2000, 14:31 (0 Talkback[s])
(Other stories by Lessley Anderson)

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"Amid a maelstrom of lawsuits and public debate, the file-sharing music service Napster is expected to close its first round of venture financing over the weekend, sources say."

"Hummer Winblad, a top-tier VC firm, is heading the financing, sources say. The total amount and identity of other investors wasn't available at the time of publication. Executives at Hummer Winblad and Napster did not return calls for comment."

"The news is somewhat surprising. Although Napster might go down in history as the most quickly adopted application in Net history, making it a sexy target for VCs, its business woes are daunting. A recent flurry of lawsuits -from the Recording Industry Association of America, rapper Dr. Dre and the rock group Metallica - and Napster's silence on the subject of its financing had left many in the industry wondering whether venture capitalists had decided Napster was too risky."

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