An oversubscribed placing rapidly closed £6m in new funding for listed audio firm 7Digital.
The London-headquartered company offers a SaaS platform allowing firms to offer streaming music to customers, alongside radio production and music curation services, and editorial strategy.
It has helped Fender to launch music product Fender Songs, and has worked with Universal Music Group and Triller on music streaming tech.
The net proceeds of the fundraising will be used to support immediate and medium-term commercial growth opportunities, in particular within home fitness, artist monetisation and social media.
Tamir Koch, Chair of 7digital, said: “We are delighted with the outcome of this successful, oversubscribed fundraise and for the support we have received from both existing shareholders and a substantial number of new institutions.
“The proceeds not only secure the future of 7digital but also set the business up for a sustained period of growth, building on our leading global position in the expanding market of B2B music streaming.”
Paul Langworthy, CEO of 7digital, said: “The company has made exciting progress during 2020 securing new contracts with Triller and the eMusic livestream platform and a healthy pipeline of high-profile companies to capture key strategic markets of social media, artist monetisation and home fitness.
“This financing not only offers us greater investment and support to fully capitalise on these trends, but an entrepreneurial environment to leverage our leading technology platform to support new models of music consumption that emerge.”
music