X5 Music Group, a Stockholm, Sweden-based digital record label, has received a €7m investment from Northzone Ventures.
The company will use the new funding to facilitate signing of American artists and to increase the company’s catalogue, which currently includes 8,000 albums and 200,000 music recordings.
As stated by CEO Johan Lagerlöf, X5 Music is opening a new office in New York.
The company specializes in music products for online distribution and mobile services. It distributes and sells music through different media channels, including iTunes, Real Networks, Nokia, Sony Ericsson, CDON and Amazon.