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European music streaming service gets cash injection from AGF Private Equity and CM-CIC CapitalDeezer, an online music streaming service, has raised €6.5 ($9.6) million in funding. This capital was formed using funds from AGF Private Equity and CM-CIC Capital Prive. The company has raised around €12.2 million to date.
The Paris-based startup offers free online music streams and says it is quite popular in Europe. Competing with similar Europe-based music streaming service, Spotify, Deezer said it has over 10 million users in Europe and 6 million users in France. Rumors have spread that Deezer is also planning on launching a paid monthly subscription service at €9.99.
It's a service we are all quite familiar with. Join the site, listen to free ad-supported music streams, then buy them on iTunes if you like. The company also has mobile applications for the iPhone, BlackBerry and Android-based OS's.
The company has also announced the creation of Odyssey Music Group (OMG), its parent company. It said, OMG will support production activities and technological developments linked to mobility, while Deezer will remain an independent publication held by Blog Music, Deezer's prior name.
The company said in a statement, "This equity validates our position and strategy. We are henceforth prepared to continue with our development using state-of-the-art models in all European countries." Similar to Spotify, Deezer will remain in Europe for the time being.
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