Believe Digital announces a $60m growth capital investment from Technology Crossover Ventures (TCV) and XAnge.
Created in 2005, with offices in 30 countries, Believe Digital has become the global independent market leader in distributing music and video to online streaming and download services following its recent acquisition of TuneCore. The company’s international presence, digital marketing expertise, its capacity for technical innovation and transparency are being leveraged by independent artists and labels who desire to make the most of their music in a global digital world.
The company is also one of the largest multi-channel networks for video distribution with over 3 billion views per month.
The backing of TCV, a highly respected investment firm with a deep knowledge of the digital music and video space, and the increased investment from XAnge, a historical investor in Believe Digital since 2007, as well as the investment from GP Bullhound Sidecar, and continued trust of Ventech are a statement of confidence in Believe Digital’s strategic vision and ability to execute. TCV General Partner John Rosenberg will join Believe Digital’s Board of Directors.
CEO and Founder Believe Digital Group, Denis Ladegaillerie said: “Believe Digital aims to become the global leader in digital distribution and label services; the rapid growth of digital music sales (which now surpass CD sales in many countries) is contributing to making Believe Digital and TuneCore increasingly attractive alternatives for labels and artists; the future is exciting and this capital will empower us to invest more to make our artists and labels successful, hire music, digital marketing and technology talents and explore targeted acquisition opportunities with companies that share our vision and goal.”
John Rosenberg from TCV stated: “New distribution channels and digital marketing services are reshaping the global music industry. Through technological innovation and a highly disruptive and transparent business model, Believe Digital has become a powerful force in the global music industry, enabling independent labels and artists to capitalize on these emerging trends. We are delighted to support Denis and his team as they continue their impressive journey.”
Rodolphe Ménégaux from XAnge: “Believe has become a leader in the digital music industry; we are very proud to be an early investor and continue investing in such a fast growing company. Believe has recently made an impressive step forward in consolidating the industry with the acquisition of TuneCore; we are delighted to support Denis and his team in this new market phase to build the leading global independent player in the industry.“
Believe Digital counts among its many clients such companies as World Circuit, Nettwerk Records, Planet Records, Green United Music, One Little Indian, Hospital Records, Xtra Mile Recordings and Southern Record Distribution. It is also privileged to work with many talented artists including Chinese Man, James Vincent McMorrow, Breton, Gavin James, The 2 Bears, Public Service Broadcasting, Queen, Monty Python, Deep Purple and many others.
The company recently acquired leading DIY distribution service tunecore.com, which provides access to online music services for all emerging artists. TuneCore brings more music to more people, while helping musicians and songwriters increase money-earning opportunities and take charge of their own careers. The company has one of the highest artist revenue-generating music catalogs in the world, earning TuneCore artists $541 million from over 15.2 billion downloads and streams since inception.
For more information please contact Nick Parry at Believe Digital.
About Believe Digital & TuneCore
Believe Digital is the leading fully independent digital distributor and services provider for artists & labels worldwide. The company has over 300 employees in 30 offices around the world.
Believe Digital empowers artists and labels to maximize the value of their music in the transitioning digital music space by providing them with a full suite of services: digital music and video distribution, digital marketing and promotion services, synchronization and neighboring rights management, full label services, including in-house record label Believe Recordings, and complete DIY services with TuneCore. The company prides itself on providing tailor made services for each label and artist.
Believe leverages its network of offices staffed with local music industry and digital marketing experts to support its clients on a global basis. Championing innovation and transparency throughout its ten-year history, Believe has developed leading in-house technology, digital marketing tools and expertise to help labels & artists leverage the benefits of digital. Visit: www.believedigital.com / www.tunecore.com
Technology Crossover Ventures (TCV), founded in 1995, is a leading provider of capital to growth-stage private and public companies in the technology industry. With nearly $10 billion in capital raised, TCV has invested in more than 200 technology companies over the last 18 years. Selected investments include Altiris, C|NET, ExactTarget, Expedia, Facebook, Fandango, FX Alliance, GoDaddy, Genesys Software, Groupon, HomeAway, Netflix, RealNetworks, Redback Networks, RiskMetrics Group, Sitecore, Splunk, Spotify, Thinkorswim, VICE Media and Zillow. TCV is headquartered in Palo Alto, California with offices in New York and London. For more information about TCV, including a complete list of TCV investments, visit: www.tcv.com.
XAnge Private Equity is a regulated private equity vehicle with €360 million under management. Active in France, Germany and Western Europe, XAnge is a multi-corporate fund with both industrial and financial LPs. The XAnge venture team primarily invests in fast-growing companies of the digital, mobile, Saas software and fintech areas.
About GPBullhound Sidecar
GPBullhound Sidecar is the independent venture capital arm of GP Bullhound. Sidecar has a co-investment strategy focusing on technology companies in Europe. For more information, please visit: www.gpbullhound.com
Ventech, leading venture capital firm in Europe, invests in high-growth companies with activities in the digital sector (internet, media, e-commerce, mobile, software and telecom infrastructures). Ventech has offices in Paris and Munich, as well as a local team in China, investing in the region via a dedicated fund and supporting the European portfolio in its development in Asia.
With more than €400m raised since 1998, Ventech has invested in over 120 companies in Europe, China, Russia and in the US. Current active and past investments include prestigious names such as Bonitasoft (open source solution for Business Process Management), Believe Digital (leading music distributor), Crocus Technology (breakthrough technology for non-volatile memory), Jumei (leading Chinese website for cosmetics, floated on the Nasdaq), MeilleurTaux (leading price engine comparison for real estate loans in France), TVSmiles (German mobile adtech solution), Vestiaire Collective (European leading resale community for high-end fashion), Webedia (digital media group in Europe, Brazil and Middle-East, operating prestigious brands like PurePeople, AlloCiné, JeuxVideos.com…) and Withings (leading innovator in health and wellness smart devices and applications). For more information, visit: www.ventechvc.com
List of Financial Advisors
Exclusive financial advisor to Believe Digital: GP Bullhound – Manish Madhvani
Exclusive financial advisor to TCV: Jefferies – Guillaume Taurignan