April 26, 2017
STOCKHOLM – April 26 2017 – Epidemic Sound, the company soundtracking the new generation of online creators, today announces it has received a strategic investment from Kichi Invest, an investment company co-founded by Fredrik Wester, CEO and founder of Swedish gaming company Paradox Interactive.
The investment valued the company at around $45m, more than doubling its $20m valuation from 2014 and the company is currently growing by 90 % year-on-year and turned over above $6 million in 2016. The investment will see Fredrik Wester join the board at Epidemic Sound in its next phase of growth.
“Our business has rocketed in the last two years as we have continued to provide music for the big Hollywood studios and the more traditional video production companies as well as soundtracking a large proportion of the videos online. Currently we have hundreds of thousands of content creators on YouTube using our music. We plan to ride this wave to dominate the global market and become the main provider of music to all manner of online creatives and creators by 2020, and we are excited to have Fredrik’s expertise and knowledge onboard”, says Oscar Höglund, CEO and co-founder of Epidemic Sound.
The investment comes as the content industry shows an increased demand for music that can be incorporated in online videos, such as YouTube, Facebook, and Snapchat, thus solving the extensive copyright restrictions or claims currently ravaging the business.
“We’ve been following Epidemic Sound for a long time and we’re pleased to be part of Epidemic Sound’s next chapter of growth”, says Fredrik Wester.
“During the last eight years Oscar and his team have quietly built one of the most interesting SaaS companies in Europe. Now boasting a global customer base, healthy seven figure revenue and powering all parts of the mobile and online-media industry with a recurring subscription model for music, it was a no-brainer for us. As the team now try to move from the millions to the billions we hope that our experiences over the last couple of years will be valuable,” says Oscar Ingdahl, Kichi Invest’s CEO.
With more than 80 employees, hundreds of freelance composers, and offices in New York, Amsterdam, Madrid, Hamburg, and Stockholm, Epidemic Sound’s easily accessed music, and bespoke compositions, are used by visual content creators all over the world.
Epidemic Sound is a music company soundtracking the new generation of online creators. Customers subscribe for unlimited use or license individual tracks. All music usage includes clearance on all platforms, worldwide, for all time. With music spanning over 180 genres, in prime time broadcast quality, the creative possibilities are endless. Listen at epidemicsound.com
Kichi Invest is a private investment company with a focus on Nordic companies seeking capital to fuel growth or strategic initiatives. Get in touch with us at kichiinvest.se
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