- Date.
- 30 January 2008
- Publication.
- News
- Author.
- Balderton
UK's 7Digital Downloads $8.5M Round Of Funding
Digital media delivery company 7digital has agreed to terms of an $8.5 million round of funding to continue playing a role in the digital media marketplace.New investor Sutton Place Managers will lead the round, which is expected to close next month. Previous investor Balderton Capital also is participating. Patrick Maxwell, partner at Sutton Place, is expected to join 7digital's board of directors.
The funding will enable 7digital to capitalize on increasing consumer demand for digital music and video downloads. It will also enable 7digital to further its international expansion, particularly in the U.S., according to a release.
Last year, the London-based company acquired 1.1 million customers, increased sales 188% and inked partnerships with companies including Last.fm and Bebo.com LLC, the company said.
The company now offers a catalogue of over 3.5 million music and video downloads.
