JumpStart invests $250,000 in Melody Management
Venture development group JumpStart Inc. has invested $250,000 in Melody Management LLC, a Columbus startup that plans to move to Northeast Ohio in April, said Cathy Belk, spokeswoman for the Cleveland-based nonprofit. Melody Management has created web-based software that lets musicians upload music to the Internet and sell it online via social networking web sites such as Facebook. The company sends a majority of the money directly to the musicians weekly via a Melody Management-branded debit card. The firm is in the process of hiring employees to manage artist accounts. JumpStart noted in an e-mail newsletter announcing the investment that Melody Management worked with the organization's JumpStart Inclusion Advisors division, which provides advice to minority and women-owned startups, for about a year before receiving the investment from JumpStart Ventures, the economic development group's investment arm. Melody Management was started by two black men who previously worked for IBM.
JumpStart has invested in 46 companies since 2004.
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