– Sellaband, a site that facilitated fan-financed recordings for musicians,
filed for bankruptcy in a Dutch court on Monday, Hypebot reported.

company’s website is currently down and features a note that reads: "Dear
Artists and Believers, We have extended our maintenance window. We expect to be
back tomorrow at the end of the day."

Founded in 2006, Amsterdam-based
Sellaband has helped artists raise more than $3 million from their fans to
produce several dozen albums.

The company has raised at least $5 million in
financing, from backers including PrimeTechnology Innovation.

Last week, it was
reported that one of the site’s most high-profile artists, the veteran hip-hop
group Public Enemy, fell short of its $250,000 fundraising goal — and had
actually lost fan-investors in recent months.


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(DMW previous coverage)