Australian streaming music firm Guvera ― which raised an aggregate venture financing to the tune of $185 million to date ― on Friday shut down its operations.
Guvera’s co-founder Claes Loberg made an exit on Friday as a director, followed by major financial backer Steve Proch who also left the board. This leaves the other co-founder Darren Herft on a solo flight, reports said.
This comes a year after Australian Stock Exchange (ASX) rejected the Queensland-based streaming music company’s bid to raise $100 million via a float on the local bourse, in a deal that would have valued Guvera at $1.3 billion, the Financial Review observed.
Guvera also paid over $22 million in commissions to AMMA Private Equity run by Herft.
Founded in 2008, Guvera provided consumers with unlimited access to local and international music in a way that supports the artists and record labels responsible for producing it. Like other streaming services, Guvera operates both an ad-support free and premium, paid tiers.