Soundtrack Your Brand hits high note with €15M pre-growth investment
Stockholm-based startup Soundtrack Your Brand has secured a pre-growth investment of €15 million from leading music investment company MUSIC, Balderton Capital, Dundee Partners, Industrifonden, Telia, Fuel Venture Capital and DIG.
Soundtrack Your Brand is a company that focuses on delivering a complete music streaming platform customised specifically for commercial settings like retail stores, hotels and restaurants.
The funding will support Soundtrack Your Brand’s ambitions of expanding its market presence, developing products, improving operations, acquiring talent and pursuing mergers and acquisitions.
According to MUSIC CEO and co-founder Matt Pincus, before Soundtrack Your Brand, business owners lacked a genuine solution for playing music on demand for their customers.
He noted that it is widely recognised that music is essential for most businesses, and business owners acknowledge the importance of compensating music creators for their work.
Pincus also said that while it may seem obvious, the journey to providing on-demand music to enterprises required significant technological and business innovation. He explained that this was a challenge that Soundtrack Your Brand successfully overcame.
“Our mission to bring transparency and accountability to the dysfunctional background music market is gaining momentum,” Soundtrack Your Brand CEO Ola Sars said.
Sars claimed that Soundtrack Your Brand already possesses strong financial performance and operational efficiency. With this investment, the company can enhance its growth model through mergers and acquisitions.
He said this strategic expansion aims to consolidate the fragmented background music market, ensuring sustained premium ARPU and fair compensation for music creators.
According to Soundtrack Your Brand, the investment will allow the company to enhance its go-to-market strategy, which helped it achieve 60 percent year-over-year revenue growth in 2022, secure Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) profitability in Q1 2023 and record $25 million in annual recurring revenue by April 2023.
As part of MUSIC’s investment, Pincus will contribute to Soundtrack Your Brand’s mission by joining its board. Looking ahead to 2024, the company plans to raise additional funds through a growth round.
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