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On April 8, 2008, SellaBand raised EU-3.5 million (US$5 million) in their Series A round led by Prime Technology Ventures. In early 2009, Pim Betist left SellaBand to set up Africa Unsigned, using SellaBand technology as a base and supported by the Dutch government. In January 2010, Sellaband filed for Bankruptcy. It relaunched days later, after an investor stepped forward. However, crucially, the terms and conditions were changed so that Believers could no longer withdraw funds they invested in Sellaband. The site has seen much less activity since the relaunch, and many artists and Believers have left or become inactive. |
