[UPDATED] Spotify joint venture Soundtrack Your Brand has raised $22 million to expand its music for business service. The round was led by Balderton Capital and Industrifonden and will be used to expand globally and evolve its service which allows business to select and play licensed music in stores and other retail locations.
Other investors in this Series C round include HMP, Jorg Mohaupt, Creandum, Northzone and Telia. Previously Soundtrack Your Brand had raised $10,9 million in June 2015 in a round led by Telia Company A and 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. Current customers include counts McDonald’s, TAG Heuer, Starbucks In Sweden, and Toni & Guy along with “thousands” of small businesses in 100+ countries.
Competitors in the sector include Muzak owner Mood Media (who is also a partner in Pandora's business service) and Play Network .