Finland’s Essedel in $20m funding round for Russia music platform

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music-3-778197-mFinnish private equity firm Essedel Capital has taken part in a $20m funding round for Russian music streaming platform Zvooq.

Moscow-headquartered e-retailer Ulmart also invested in the final tranche of the Series A round.

Zvooq allows companies to integrate a free, legal streaming solutions to products such as mobile devices.

The business said it will use the cash to bolster and promote its service and expand beyond Russia.

Essedel was launched in 1995 invests in the share capital of small and medium size companies in dynamically developing sectors of the Russian economy.

The size of the firm’s investments varies from €2m to €5m with an investment term of three to five years.

Russia-focused private equity firm Elbrus Capital held a final close for its second fund, on its $550m hard cap in February this year.

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