# Napster

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/napster

- Industry: Internet
- Headquarters: Los Angeles, US
- Total disclosed funding: $15M
- Latest round: Series C (May 23, 2000)
- Investors on record: 2

## About

Based in California, US, and founded in 1999 by founded by Shawn Fanning and Sean Parker, Napster Inc. is a peer-to-peer MP3 file-sharing application. Napster offers digital music services to discover, share, acquire, and enjoy music. In May 2000, Napster Inc. raised USD 15 million of Series C financing from lead investors Hummer Winblad Venture Partners, and Angel Investors. The original service was shut down by court order, but the Napster brand survived after the company's assets were liquidated and purchased by other companies through bankruptcy proceedings. In November 2002, Roxio acquired all intellectual property assets of Napster for USD 0.35 million. The acquisition of Napster's patents and the brand name went through immediately following a Delaware bankruptcy court's approval. 
Months later, Roxio also purchased a music streaming service called PressPlay in 2003 and combined it as the basis of a new legal online music service that would let users access music through a subscription or on a fee-per-song basis. Napster re-emerged as a non-free online music service which was then acquired by Best Buy in 2008 for USD 121 million.

## Funding rounds

- Series C, May 23, 2000, $15M — Aspenwood Ventures, Angel Investors

## Investors

- Aspenwood Ventures (https://capitalatlas.ai/funds/aspenwood-ventures) — Series C
- Angel Investors (https://capitalatlas.ai/funds/angel-investors) — Series C