Earlier this week Russian music-streaming platform Zvooq announced it secured an investment of $5 million in a round led by Ulmart, Russia’s leading online retailer, with the participation of ther unnamed investors. The terms of the deal, which was reported earlier this week by Vedomosti, have not been disclosed.
The investment went through Dream Industries, a holding company which comprises Zvooq, e-book platform Bookmate and other projects.
In August 2014, Zvooq raised $20 million in a Series A round led by Ulmart, with participation from Essedel Capital, a Helsinki-based private equity fund.
Today Ulmart has a 40% stake in Zvooq with Koshigi (a fund controlled by Ulmart shareholders August Meyer and Dmitry Kostygin) owning 25%, and company managers Simon Dunlop and Victor Frumkin owning 31%. The remaining 4% belo,g to financial investors, according to Vedomosti, which cites a company representative.
Zvooq claims to serves 1.2 million active users, while its app has been downloaded 5 million times. The latest funding will be spent “to expand the business” and develop partnerships with mobile operators, mobile device makers, retailers and commercial brands – both in Russia and neighboiring countries.
