Swedish company Soundtrack Your Brand has been building a business in B2B music streaming (think shops, restaurants, gyms etc) since 2014.
It has raised some significant funding rounds along the way: $64m according to VC site CrunchBase. That includes a $15m “pre-growth” round that was announced this week, led by Music – the investment fund founded by former publishing exec Matt Pincus.
Soundtrack Your Brand said that the round came after its revenues grew by 60% in 2022, and that it now has $25m of ‘ARR’ (annual recurring revenue) from its clients.
The company also trumpeted its ARPU (average revenue per user) of $33, and signified its intentions to begin a roll-up of smaller rivals.
“With this investment Soundtrack Your Brand can expand our growth model into M&A, consolidating the fragmented background music market,” as CEO Ola Sars put it.
Soundtrack Your Brand also said that it plans to raise another growth round as it moves into 2024 to continue those consolidation plans.