Soundtrack Your Brand, a Stockholm, Sweden-based background music company, raised $22m in funding.
The round was led by Industrifonden alongside Balderton Capital with participation from previous investors, including Telia Company, Northzone, Creandum, H&M’s family vehicle HMP, and industry veteran Jörg Mohaupt. In conjunction with the funding, Industrifonden investment manager and music entrepreneur Johan Englund will join Soundtrack Your Brand’s board of directors, along with Balderton Capital general partner Lars Fjeldsoe-Nielsen, previously head of mobile at both Uber and Dropbox.
The company intends to use the funds to ramp up global expansion and improve its streaming service for businesses.
Co-founded by Andreas Liffgarden, former global head of business development at Spotify, and Ola Sars, former COO and co-founder of Beats Music, has built a music streaming service for businesses, which is licensed to use in public and commercial environments and combines data analysis with expertise to deliver content that fits individual brands, and increase sales.
In 2016, the company expanded from the Nordics into over 100 countries worldwide, with revenue and user base growing nearly 400%.
Customers include McDonald’s, TAG Heuer and Toni & Guy, in addition to thousands of small and medium-sized businesses.