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Music startup Mixgar secures a round of funding from InvestLife

Hungarian music startup Mixgar has managed to bag an investment from the Phoenix group, which is managed by InvestLife. The funding will allow the social jukebox to pursue their short-term goals in product development and commercially marketing the product.

Social jukebox Mixgar, the startup which won IDCEE competition last year has raised €65,000 ($80,000) from Phoenix Investment group handled by InvestLife PLC. Incubated by Digital Natives, Mixgar is now an independent company as of June 2012. The new investors join existing key investor and current CEO Gerzson Huszar, but Digital Natives will still own a majority stake in the company.

"With the owners we have set very specific business goals for ourselvesfor the next 6 months. We are going to use the capital for product development, commercial and marketing objectives."- says Huszar.

The Mixgar online music application is a socially driven software that allows users to log in and influence playlists by either voting to bring specific songs forward or push them back on the playlist. Founded in Hungary by a group of young developers, the company is now being pegged as the next possible music technology phenomenon. The software is offered as a professional version that is charged monthly, and also as a free app for users to interact with the playlist, and is meant to be a dynamic mix of songs specifically tailored to various locations.

The company has already lined up four major events that it will be featured at EFOTT, Hegyalja, Campus and SZIN, at Pepsi’s video disco events. The app will allow users to log in to and search for locations that host the music, and also lets them vote for their most and least favorite songs, which will dynamically control the playlist, creating a ‘social jukebox’.

InvestLife is a venture capital company that targets mature organizations that are looking for fresh capital infusion. Typical investment range is between USD 0.5 and 3 million, but the company will also consider companies with smaller requirements and relatively newer ones, as long as the leadership in these companies is strong and comes with good references. InvestLife prefers to spread the risk by requiring cash partners willing to share a sizable portion of the total investment.