Spotify is investing a bit of its $526 million war chest in Soundtrack Your Brand, a startup that brings its streaming music service to a select and desirable group of paying subscribers - businesses.
Swedish based Soundtrack Your Band has closed an $10.9 million Series B funding round. Investors include Spotify, who recently closed a $526 million round of their own, and telecom Telia Sonera, who recently invested $115 million in Spotify’s. Other investors contributing to the Series B include Play Networks, Creandum, Northzone, Wellington Partners, as well as Spotify.
Co-founded by former Spotify head of biz dev Andreas Liffgarden and Beats co-founder Ola Sars, Soundtrack Your Brand has built two services - Spotify Business and Spotify Enterprise - that help business stream music.
Currently only available in Scandinavia, Soundtrack You Brand has attracted the local outlets of some major international brands including McDonald's and Starbucks.
The new investments ensure that Spotify will continue to be the startup's primary music source and profit from its use. “Given my background in particular as a former Spotify employee, there is a close relationship with Spotify not just as a shareholder but as a co-founder of the business,” Liffgarden told TechCrunch. “But it is in 60 countries and some of our customers like McDonalds is in over 100, so at some point, when they demand we cover everywhere, we will need to serve music in markets where Spotify may not b