Epidemic Sound Closes $450 Million Funding Round at $1.4 Billion Valuation

   By Dominic Chopping 
 

STOCKHOLM--Private-equity firms EQT AB and Blackstone Group Inc. have together invested $450 million in Swedish music platform Epidemic Sound in a deal valuing the company at $1.4 billion.

In a statement late Thursday, EQT said the deal will support the company's international expansion and accelerate customer acquisition as well as investments in the core user experience.

EQT Mid Market Europe acquired 40% in Epidemic Sound in 2017 and through this deal is partially exiting its stake but will remain Epidemic Sound's largest shareholder.

Epidemic Sound provides a subscription service that gives customers royalty-free access to a library of music for use on social media, in online videos, TV and films. For a monthly fee, the company provides full-spectrum rights on all platforms, in any country, for unlimited time, with no reporting needs.

The company was co-founded in 2009 and has offices in Stockholm, New York, Los Angeles, Seoul, Hamburg and Amsterdam. It is backed by Creandum, EQT Mid Market and Atwater Capital.

Write to Dominic Chopping at [e-mail]

(END) Dow Jones Newswires

March 12, 2021 02:19 ET (07:19 GMT)

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