The company said that streaming music services are becoming a larger part of the revenue mix at all music labels. In order to capitalise on this opportunity, music labels “need robust and powerful tools to help them grow their market share and revenues.”
Northzone general partner Torleif Ahlsand said, “In the year since Northzone invested in Soundrop, the company has had a focus on product development and tight integration with Spotify. Now that the product has reached a new level of maturity, the company is ready to take its next steps.
“It feels so very right to bring Investinor in to provide additional rocket fuel. With the product well-established, Soundrop is now in pole position to drive revenue and growth in 2014.”
Investinor investment director Ann-Tove Kongsnes said that more consumers choose to stream their music, rather than purchase it outright and “Soundrop understands how these changes in consumer behavior impact the music ecosystem.”
“As such, the company is well-positioned to help artists, labels and brands find success in this new environment, while giving consumers an easier pathway to discover and enjoy music,” said Kongsnes.
In June the two firms sold microcontroller company Energy Micro to Silicon Laboratories for $170m, making a return of 2.5 times.
Copyright © 2013 AltAssets