RadioandMusic
| 12 Aug 2020
Believe Digital gets TCV as an investor

MUMBAI: With the recent acquisition of Tuncore, Believe Digital has made its presence felt in the international market. Now the digital distribution company has received a further boost through an investment by Technology Crossover Ventures (TCV). Additionally, an increase in investment from XAnge has resulted in $60 million in capital for Believe Digital, through both investors.

Believe Digital Group, CEO and founder Denis Ladegaillerie said in a statement, "Believe Digital aims to become the global leader in digital distribution and label services; the rapid growth of digital music sales (which now surpass CD sales in many countries) is contributing to making Believe Digital and TuneCore increasingly attractive alternatives for labels and artists; the future is exciting and this capital will empower us to invest more to make our artists and labels successful, hire music, digital marketing and technology talents and explore targeted acquisition opportunities with companies that share our vision and goal."

TCV, General Partner, John Rosenberg from stated, "New distribution channels and digital marketing services are reshaping the global music industry. Through technological innovation and a highly disruptive and transparent business model, Believe Digital has become a powerful force in the global music industry, enabling independent labels and artists to capitalise on these emerging trends.  We are delighted to support Denis and his team as they continue their impressive journey."

Rodolphe Ménégaux from XAnge added, "Believe has become a leader in the digital music industry; we are very proud to be an early investor and continue investing in such a fast growing company. Believe has recently made an impressive step forward in consolidating the industry with the acquisition of TuneCore; we are delighted to support Denis and his team in this new market phase to build the leading global independent player in the industry."

Meanwhile, GP Bullhound Sidecar and Ventech continue to be the partners for Believe Digital.