Earlier this month, B2B digital music firm 7digital announced that it was raising £6m ($7.7m) from selling shares, to support its business. Now the company has added a further £1m, this time from a new revolving credit facility (loan) with Investec Bank.
7digital has also published interim financial results for the first half of 2020. Its revenues fell from £4.5m in the first half of 2019 to £3.1m this year, but 7digital pointed out that it has significantly cut its costs too, meaning that its operating loss shrunk from £3.2m in the first half of 2019 to £0.9m this year.
The company says it is “on track to reach operational profitability in H2 2020” after signing several new or extended deals, including with social app Triller and fitness startup Apex Rides.
Growth will be important: separately today, 7digital also published its full-year results for 2019, a year in which its revenues more than halved from £19.9m in 2018 to £9.3m in 2019.
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