Rap group now looking to raise $75,000 rather than $250,000

Public Enemy have revealed they are lowering the amount of money they are trying to raise to fund their next album from $250,000 (£162,000) to $75,000 (£48,600).

As previously reported, the rap group signed a deal with fan investment site Sellaband to raise the money and while initial investment was good, they raised just over $70,000 by the end of 2009.

Meanwhile, Sellaband filed for bankruptcy back in February. The company changed hands to owners based in Germany and this left the future of the Public Enemy project seemingly in the balance.

“We have learned that the fan-funding model is still not fully developed,” Sellaband said in a statement. “As a result, a $250,000 fund-raising effort, while possible, will take too long to accomplish.”

They added: “We also have reached the conclusion that we will no longer include expenses for sales and marketing in our fund-raising budget and goals. So far, Chuck D and cohorts have raised exactly $55,700 (£36,117), that’s 74 per cent of their goal.”