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Business News Deals Labels & Publishers
Believe announces $60 million in new investment
By Chris Cooke | Published on Thursday 4 June 2015
Having recently acquired TuneCore, digital distributor and label services business Believe Digital has announced a new round of funding, with $60 million being pumped into the company by a number of new and existing investors, including Technology Crossover Ventures, which already backs a number of other digital business including Spotify, Netflix and Vice.
In a statement confirming the new round of investment, Believe said: “The backing of TCV, a highly respected investment firm with a deep knowledge of the digital music and video space, and the increased investment from XAnge, a historical investor in Believe Digital since 2007, as well as the investment from GP Bullhound Sidecar and continued trust of Ventech, are a statement of confidence in Believe Digital’s strategic vision and ability to execute”.
Meanwhile Believe founder and CEO Denis Ladegaillerie said: “Believe Digital aims to become the global leader in digital distribution and label services; the rapid growth of digital music sales – which now surpass CD sales in many countries – is contributing to making Believe Digital and TuneCore increasingly attractive alternatives for labels and artists; the future is exciting and this capital will empower us to invest more to make our artists and labels successful, hire music, digital marketing and technology talents and explore targeted acquisition opportunities with companies that share our vision and goal”.
And TCV partner John Rosenberg, who joins the Believe Digital board as part of his company’s investment, said: “New distribution channels and digital marketing services are reshaping the global music industry. Through technological innovation and a highly disruptive and transparent business model, Believe Digital has become a powerful force in the global music industry, enabling independent labels and artists to capitalise on these emerging trends. We are delighted to support Denis and his team as they continue their impressive journey”.
