A further £4m of backing has been raised for European online digital music distributor On Demand Dis...
A further £4m of backing has been raised for European online digital music distributor On Demand Distribution (OD2) via an international investment consortium that includes Quester VCT.
The extra financing takes the sum raised since the company's inception in November 1999 to £6.5m.
It will allow OD2, which was co-founded by musician Peter Gabriel and IT specialist Charles Grimsdale, to continue to develop and expand its offering.
OD2 works with major online retailers to provide a secure distribution service for the sale and subscription of music over the internet, in which it has a significant presence.
The company recently announced a partnership with MSN to develop a platform to offer digital music subscriptions to MSN users in the UK for the first time. This follows a number of other partnership deals with major European internet service providers (ISPs).
Jamie Brook, investment manager at Quester said: 'We continue to be impressed by the strength and commitment of the team and the progress OD2 is making in developing key relationships and sensible software solutions.
'OD2 is emerging as the leading European digital distributor and we hope these funds will enable the team to consolidate that position."
OD2 has recently announced deals with record companies EMI/Virgin, Warner Music International and BMG, as well as a number of independent record levels, giving it the rights to sell tracks from artists such as Dido, Craig David and Santana.
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