Shamrock, a US-based, media-focused private equity firm, has taken a minority stake in corporate venturing-backed Ingrooves, a music distribution company based in San Francisco.
Universal Music Group (UMG) agreed to take a minority investment in Ingrooves in March 2008 and has now used Shamrock’s investment to expand its partnership with its portfolio company. UMG will now use Ingrooves for the digital delivery of its North American music catalogue to online and mobile retailers.
Ingrooves will use Shamrock’s money to expand into other areas, such as electronic books, and make acquisitions in the digital music industry.
Invest bank Waller Capital Partners advised Ingrooves.