Believe Digital Adds $60 Million From Lead Spotify Investor TCV
Believe Digital continues to make aggressive moves in its quest to become a dominant global player in digital music and video. Recently the company acquired TuneCore and now it's gotten a $60 million infusion from a venture capitalist already heavily invested in the sector.
Independent digital music and video distributor Believe Digital has received $60 miion in growth capital investment from Technology Crossover Ventures (TCV) and XAnge.
Previously TCV was the lead investor in funding rounds of $250 million for Spotify and $250 million for Vice Media. TCV General Partner John Rosenberg will join Believe Digital's Board of Directors.
"New distribution channels and digital marketing services are reshaping the global music industry," says Rosenberg. "Through technological innovation and a highly disruptive and transparent business model, Believe Digital has become a powerful force in the global music industry, enabling independent labels and artists to capitalize on these emerging trends."
Founded in 2005, Believe Digital distributes and markets independent music and video to online streaming and download services. Believe recent acquired d..i.y. music distribution leader TuneCore. The company is also one of the largest multi-channel networks for video distribution with over 3 billion views per month.
CEO and Founder Believe Digital Group Denis Ladegaillerie said: "Believe Digital aims to become the global leader in digital distribution and label services; the rapid growth of digital music sales (which now surpass CD sales in many countries) is contributing to making Believe Digital and TuneCore increasingly attractive alternatives for labels and artists; the future is exciting and this capital will empower us to invest more to make our artists and labels successful, hire music, digital marketing and technology talents and explore targeted acquisition opportunities with companies that share our vision and goal."
Believe Digital counts among its many clients such companies as World Circuit, Nettwerk Records, Planet Records, Green United Music, One Little Indian, Hospital Records, Xtra Mile Recordings and Southern Record Distribution.