It’s not that long since B2B digital music company 7digital was having serious financial troubles, but it’s been working hard to survive.
By January 2020 the company said it had “stabilised itself”, before borrowing £500k in March to use as working capital over the following year. It’s also been announcing new business, including deals with Triller and Jazzed.
Now 7digital has another injection of funds, this time from a share placement and subscription – it’s a public company – raising £6m.
“The net proceeds of the fundraising will be used to support immediate and medium term commercial growth opportunities, in particular within home fitness, artist monetisation, and social media,” explained 7digital in its announcement to the markets.
“The proceeds not only secure the future of 7digital but also set the business up for a sustained period of growth, building on our leading global position in the expanding market of B2B music streaming,” added chair Tamir Koch.