Zvooq, a Russian music streaming platform, closed the last tranche of a $20m Series A financing round.
The round was led by e-retailer Ulmart, with participation from Essedel Capital, a private equity fund in Helsinki.
The company intends to use the funds to promote its freemium music streaming model and to initiate roll-out it into certain developing world territories.
Led by Victor Frumkin, Co-Founder, Zvooq operares a music streaming platform that allows companies to integrate a free, legal streaming solution into their products. The platform, which converts illegal consumption of music into legal consumption by allowing any service to offer consumer music, provides a range of options that cover the full range of listeners needs from free ad-supported streaming, a la carte download and ad-free subscription.
It integrates directly into social networks, phones and directly into cellular carriers’ offerings to offer a mass market solution.
The catalog has over 15 million songs, supporting 500,000 artists and 25,000 labels.