Soundtrack Your Brand queues up $22m
Posted on 17 February, 2017 by Thierry Heles, editor
Industrifonden has invested in the Spotify spinout’s latest round, joining investors such as TeliaSonera, which previously led a $15m series B in 2015.
Soundtrack Your Brand, a Sweden-based business-to-business music streaming platform, raised $22m today from a consortium co-led by Industrifonden, the investment arm of Sweden's government.
The round was co-led by Balderton Capital. It further included telecoms firm TeliaSonera, Northzone and Creandum as well as HMP, the office of clothing retailer H&M’s owners Persson family.
Stefan Blom, chief content officer at music streaming service Spotify, and Jörg Mohaupt, head of technology, media and telecommunications at conglomerate Access Industries, also took part.
Soundtrack Your Brand, spun out of Spotify in 2013, enables businesses to stream music from Spotify’s catalogue in public. The platform combines data analytics technology with human curation to ensure the music fits the client’s brand, helps boost sales and keeps staff motivated.
Johan Englund, investment manager at Industrifonden, and Lars Fjeldsoe-Nielsen, general partner at Balderton, will join Soundtrack Your Brand’s board of directors.
TeliaSonera previously led a $15m series B round in 2015, with participation from Creandum, Northzone, Play Networks and Wellington Financial. Soundtrack Your Brand has not revealed details about its series A round.
Andreas Liﬀgarden, executive chairman and co-founder of Soundtrack Your Brand, said: “Background music today is sold as a utility, and there is rarely much thought going into what music brands are playing and why.
“Today’s background music sucks for brands and consumers alike, and it is hurting the music industry at large. As lovers of music and technology, we are completely overhauling this industry, to once and for all kill bad background music.”
Björn Bergström, investment manager at Industrifonden, said: "Soundtrack Your Brand has a massive opportunity to fully digitalise the background music industry. Leading that shift creates endless possibilities in terms of both insight and reach.”
See more from this Government Report: Sweden
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