Digital music distributor INgrooves has received a "significant" investment from Shamrock Capital Growth Fund II, a private equity fund focused on media, entertainment and communications. INgrooves also announced the extension of its distribution agreement with Universal Music Group which began with an investment by the music conglomerate in March 2008.
The size of Shamrock's investment was not disclosed, but the capital will reportedly be used to expand into other media verticals such as eBooks as well as to make strategic acquisitions in the digital music industry. With the closing of the Shamrock investment, both Shamrock and UMG will be minority shareholders in INgrooves.
“Our new partnership with Shamrock will give us the financial flexibility to increase the functionality of the ONE Digital platform and make strategic acquisitions to expand our global footprint,” stated Robb McDaniels, Founder & CEO of INgrooves.
“As more content is consumed digitally, INgrooves solves a critical need for content owners to market, promote and manage the distribution of their content economically and efficiently,” said Michael LaSalle, Vice President at Shamrock.
