British ad-funded free streaming service We7 has reported a loss after tax of £3.66 million ($5.8 million) for the year to Dec. 31, 2009. That is up from a loss of £2.61 million ($1.59 million) in 2008.

Music Ally reports the We7 results in full. The company's turnover was £361,081 ($573,000) for 2009, compared with £46,382 ($73,600) in 2008.

In January 2010, investors agreed to invest a further £2.6 million ($4.13 million) in We7, with two payments of £1.3 million ($2.06 million) in January and April 2010.

CEO Steve Purdham told Music Ally he is "relaxed" about the loss, describing it as standard for a startup. The company report says that 2010 has "already got off to an excellent start for ad sales providing significant optimism going forward."

We7 has around 1.6 million unique users a month and a further 1.4 million who listen to streams via widgets on the websites of third party media partners.