Friday, 17 February 2017

Spotify-backed Soundtrack Your Brand raises $22 million to help sell music streaming to businesses

Source: - Friday, February 17, 2017
Soundtrack Your Brand , a Spotify-backed Swedish startup that’s setting out to “kill bad background music,” has raised $22 million in a fresh funding round led by Nordic VC fund Industrifonden and the U.K.’s Balderton Capital, with participation from Telia Company, Northzone, Creandum, HMP, and Jörg Mohaupt. Founded out of Stockholm in 2013 by Ola Sars and Andreas Liffgarden, former global head of business development at Spotify, Soundtrack Your Business offers two core products — Spotify Business , which is available in Sweden, Norway, and Finland, and Soundtrack Business , which is available elsewhere. They’re basically B2B versions of the popular music-streaming service that offer additional features, such as the ability to manage playlists in multiple locations from a central hub. So if you manage a giant chain of stores such as Starbucks, for example, you can control music in individual stores remotely. The company had raised around $14 million before now, including an $11 million round back in 2015 that Spotify took part in, and it says it plans to use its latest cash bounty to “cement product leadership” and grow its global footprint. As a result of this deal, Balderton Capital partner Lars Fjeldsoe-Nielsen, who previously served at Uber and Dropbox, will join Soundtrack Your Brand’s board of directors, along with Industrifonden investment manager Johan Englund. “I’ve witnessed disruption first-hand,” said Fjeldsoe-Nielsen

from Breaking News

No comments:

Post a Comment