Simfy scores ten million in new investment

By | Published on Thursday 19 May 2011


German streaming music service Simfy, one of the few to get the green light from hard-to-please German collecting society GEMA to launch an on-demand streaming platform in Germany, has raised another ten million euros in capital from its existing investors. It brings Simfy’s funding to date to eighteen million euros, nothing compared to the money so far pumped into Spotify, but a significant investment nevertheless.

The firm’s CEO, Gerrit Schumann, said the new money would be used to “consolidate” the firm’s market leader position in Germany, Austria and Switzerland as well as to allow “expansion into other European countries”.