we7 secures funding to expand into Europe

UK music streaming service we7 has secured new funding through existing investors Peter Gabriel and Eden Ventures.


UK music streaming service we7 has secured new funding through existing investors Peter Gabriel and Eden Ventures.

UK music streaming service we7 has secured new funding through existing investors Peter Gabriel and Eden Ventures.

Pentech Ventures, which provides VC funding for software companies, and the investment arm of mobile technology company Qualcomm also joined the latest round of funding in we7.

The company will use the finance to expand into new territories across Europe during 2011 before considering entering markets further afield, according to a statement.

GP Bullhound provided corporate finance advice on the funding.

‘Over the coming months, we7 will be announcing key partnerships alongside expansion plans into Europe,’ says CEO Steve Purdham.

we7 is currently available in the UK, Ireland and Belgium and has three million unique monthly users.

The service enables users to request specific artists or songs, and stream entire albums from a library of over seven million songs.

Purdham comments, ‘There’s no doubt in my mind that we’re on the cusp of seeing a massive change in how people consume music.

‘They want a music service that is easy to use, plays them music they like, entertains them and discovers new music for them.’

He continues, ‘In the next 24 months digital music listening will move rapidly from the early adopters and music obsessives we have seen to date, into the mass market and general music listening communities.’

Todd Cardy

Todd Cardy

Todd was Editor of GrowthBusiness.co.uk between 2010 and 2011 as well as being responsible for publishing our digital and printed magazines focusing on private equity and venture capital.

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