Telia Company makes further investment in Soundtrack Your Brand
Soundtrack Your Brand, the world’s fastest growing background music company, has closed a growth round with Telia Company as one of the investors. “It’s a really great fit for us, both as an investor and a partner”, says Brendan Ives, Head of Division X, Telia Company.
The two companies first teamed up two years ago when Telia Company started to offer Soundtrack Your Brand’s Spotify Business product to enterprise customers. Later in 2015, Telia Company participated in a Series B round of funding.
The new investment, totalling USD 22 million, is now closed where existing investors Telia Company, Creandum and HMP are joined by venture capitalists Balderton and Industrifonden.
“Over the last two years, Spotify Business has become a hero app in our cloud App Market offering. We believe strongly in Soundtrack Your Brand and its vision. They let brands offer a superior in-store customer experience,” says Brendan Ives.
“Background music today is sold as a utility, and there’s rarely much thought going into what music brands are playing and why,” said Andreas Liffgarden, Soundtrack Your Brand’s executive Chair and co-founder. “Today’s background music sucks for brands and consumers alike, and it’s hurting the music industry at large. As lovers of music and technology, we’re completely overhauling this industry, to once and for all kill bad background music.”
About Soundtrack Your Brand
Soundtrack Your Brand is a Spotify-backed company founded in 2013 on a mission to kill bad background music. Headquartered in downtown Stockholm, it has spent the last couple of years building the world’s best music streaming service for businesses. Soundtrack Your Brand provides businesses with a state-of the-art music platform and a scientifically proven content curation model, crafted by connoisseurs and perfected with technology.
About the financing
Soundtrack Your Brand raised a USD 22 million investment led by Nordic venture capital fund Industrifonden alongside U.K.’s Balderton Capital, letting it ramp up global expansion and perfect the first truly modern streaming service for businesses.
The financing round also saw participation from previous investors, including Telia Company, Northzone, Creandum, HMP, industry veteran Jörg Mohaupt and Spotify's Chief Content Officer Stefan Blom. Industrifonden investment manager and music entrepreneur Johan Englund will join Soundtrack Your Brand’s board of of directors, along with Balderton Capital general partner Lars Fjeldsoe-Nielsen, previously head of mobile at both Uber and Dropbox.