PassAlong Networks reportedly raising $30MM

Milt Capps LAST UPDATED 4:31 P.M.

PassAlong Networks reportedly raising $30MM | PassAlong Networks, digital music, Dave Jaworkski, angel capital, venture capital

PassAlong's Jaworksi

For Update: See related Dec. 12 story here.

Franklin-based PassAlong Networks, the digital-media and marketing firm, where Founder and CEO Dave Jaworski has previously pledged not to migrate to another city, is apparently close to completing a $30 million funding round.

Industry media reported the raise earlier today. Jaworski has not yet returned a VNC call placed to his office this afternoon, however PassAlong staff have since indicated they believe this updated story is correct in all essentials.

A veteran of 14 years with Microsoft in Seattle, Jaworksi told VNC sister publication News of Nashville Technology a year ago, "we're going to put cement shoes on our feet," and continue homesteading in Middle Tennessee.

In that interview, he said "The quality of life here is really something that people aspire to."

PassAlong has attracted more than 40 investors since its founding in 2002, and, although the stats available from different sources vary a bit, the company has reportedly raised more than $40 million since its founding, much of it from angel investors.

At the same time, Jaworksi has rounded-up a management team comprising veterans from Corel, Gaylord, Borland, Microsoft, 831 Entertainment, Arista, Amaze Inc., Picture Network, National Geographic and other ventures.

Jaworski has been outspoken regarding digital-recording formats and related industry issues, and today also announced that PassAlong is participating in an effort to raise money to fight AIDS in Africa, through the new RED(WIRE) music service. ♦