A music streaming service that picked up some local recognition after setting up shop in Richmond last year has turned down the volume, at least temporarily.
Beatgasm’s digital music platform has gone offline and the company has moved out of the space it was renting at the In Your Ear studio complex in Shockoe Bottom.
In an email, CEO Jeff Rimmer said the business was unable to secure funding it needed by a particular time. He said he could not speak on the status of the company, which he said was not shut down entirely and could take a new direction.
As of press time, Beatgasm’s website repeatedly loaded a message stating the service is temporarily unavailable, asking users to try again later.
Rimmer started the platform three years ago in Denver and relocated it to Richmond with business partner Megan Hargarten. Comparable to services such as SoundCloud and Spotify, Beatgasm focused on independent artists and utilized a tipping model for users to compensate artists.
The company moved into its space at In Your Ear last May, and had been searching around town for a permanent home base, as well as for investors.
Last summer, Rimmer said the business had raised $5.5 million from investors and was seeking to raise another $1.5 million. It held a promotional event targeted to investors in July and appeared to be gaining momentum heading into the fall, when Venture Forum RVA named it one of its “Companies to Watch” in the emerging startup category.
Beatgasm’s departure from In Your Ear freed up some space in the complex at East Broad and North 19th streets. In Your Ear President Carlos Chafin said the top-floor space has since been leased to Artesian Entertainment, which was previously housed in the facility.
The 18,000-square-foot complex houses several other media production companies, including Dreams Factory Films, Flatland Animation Studio and brand agency Initiate-IT.