MelodyVR started this year by completing its acquisition of streaming platform Napster, and now it’s preparing to rebrand the company as Napster Group. It’s also raising more money for what comes next: £6.48m through an issue of convertible loan notes to Swiss investment firm Nice & Green. They’ll be issued over the next 12 months at regular intervals to provide a steady flow of funding for MelodyVR, with Nice & Green able to convert them into ordinary shares in Napster Group if it wants.
“The proceeds of the Loan Notes, will support the development and launch of the new integrated mobile app which will combine the best content and functionality from both the Napster and MelodyVR businesses to create a new music platform during the course of 2021,” announced MelodyVR.
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