Beatport Raises Growth Investment to Expand Global Operations
The amount raised from the funding was not disclosed
Beatport, the digital music store and electronic music conglomerate, has raised a growth investment via Los Angeles-based investment firm Square Nine Capital. According to a press release acquired by Billboard, the purpose of the money is to “support Beatport’s strategic priorities and further strengthen its position at the center of the global electronic music ecosystem.”
The details:
The amount of the investment was not disclosed.
Square Nine refinanced “an existing credit facility” to raise the cash.
The company stated it will use the funds to invest “across its platform, products and broader ecosystem.”
Beatport recently added ticket sales to its purview, suggesting a greater push into the live event market.
What they said:
Matt Gralen, Beatport CEO: “We are excited to welcome Square Nine as a new capital partner to Beatport. Square Nine shares our conviction in Beatport’s leading position and strategic role, and we look forward to working together as we continue to invest in our platform and expand the ways we serve the global electronic music community.”
Griffin Coakley CFA, Square Nine Capital: “We have tremendous respect for the team at Axar and what they have built in partnership with Beatport’s management team. Our strategy is centered on partnering with high-quality companies backed by thoughtful sponsors, and we are excited to support Beatport as it continues to invest in its platform and build on its leadership position in electronic music.”
👋 Disclosures & Transparency Block
This article was written with information sourced from Billboard.
We covered it because Beatport is a global music company.
