Streaming service Deezer has secured $109 million in funding. The financing will be used to increase customer acquisition efforts around the world, accelerate the introduction of new products, features, and growth initiatives to serve the company’s mission to create a more valuable product offering and build more programmed experiences for music fans. Deezer says it has also expanded its catalogue to over 40 million songs.
“We’re in the early stages of the music streaming market and it’s quickly becoming the primary distribution channel for music,” said Hans-Holger Albrecht, Chief Executive Officer, Deezer. “The additional funding will allow Deezer to consolidate our position as a leading global, independent audio-streaming service and expand our offering to music lovers around the world.”