A Spotify-backed company that gives businesses legal and data-driven background music is raising more cash to help expand its operations.
Soundtrack Your Brand today announced a $22 million round led by Industrifonden and Balderton Capital. The Stockholm-based company will use the fresh cash to grow its platform across the globe — including in the Seattle region, where it opened a sales office this past May and employs eight people.
Founded in 2013 by music industry vets Ola Sars and Andreas Liffgarden, Soundtrack Your Brand aims to create “the first truly modern streaming service for businesses.” Traditionally, many businesses play background music with CDs or satellite feeds, and some never report what they play to rights holders.
Soundtrack Your Brand offers a platform that utilizes consumer insights and data analytics to provide brand-centric playlists with licensed music. It is now active in more than 100 countries worldwide and saw its revenue and user base grow by nearly 400 percent over the past year.
“Background music today is sold as a utility, and there’s rarely much thought going into what music brands are playing and why,” Liffgarden said in a statement. “Today’s background music sucks for brands and consumers alike, and it’s hurting the music industry at large. As lovers of music and technology, we’re completely overhauling this industry, to once and for all kill bad background music.”
Before launching the company, Sars helped start Beats Music (acquired by Apple for $3 billion) while Liffgarden led Spotify’s business development team.
Soundtrack Your Brand is based in Stockholm — where consumer music streaming giant Spotify, an early investor in the startup, also has its HQ — but expanded its footprint across the pond last year to Seattle.
Jody McKinley, Soundtrack Your Brand’s managing director of North America, told GeekWire that the company picked Seattle for its North American home base because of the region’s talent. It plans to add another four employees to the office this year.
“We were drawn to the concentration of talent in the area — from licensing, music curators, sales, operations and tech — that bridges commercial and consumer subscription services and is extremely valuable to a business like ours,” he said.
Soundtrack Your Brand employs 65 people in total, with its main engineering team based Stockholm and an additional sales team in London.
Total funding for the company is now more than $40 million. As a result of the new funding, Lars Fjeldsoe-Nielsen, previously head of mobile for Uber and Dropbox, is joining the board, along with Industrifonden investment manager and music entrepreneur Johan Englund.