simfy, a Cologne, Germany-based provider of music on demand (MOD) services, has received €7m in funding.
Investors in the round include Dumont Venture, Earlybird, NRW.Bank and Klaus Wecken.
The new capital will be used to accelerate the company’s growth. simfy plans to expand throughout Europe and in the coming months will begin to offer its music streaming services in Belgium, the Netherlands, Luxembourg and other countries.
The company has signed agreements with all major labels (Universal Music, Sony Music, EMI, Warner Music) and important aggregators for independent labels to expand its music catalog from around three million to over 6.2 million titles.
In addition, an agreement was reached with the German Society for Musical Performing and Mechanical Reproduction Rights (GEMA) to ensure that all songs are licensed and legally available to music fans online.
The titles are even available offline or via a mobile phone, i.e., using an iPhone app, for premium users.