Qualcomm Ventures, the corporate venturing unit of US-based technology equipment maker Qualcomm, has joined a consortium providing an undisclosed amount to We7, a UK-based online music service.
Alongside Qualcomm Ventures in the round were angel investor and musician Peter Gabriel and venture capital firms Eden Ventures and Pentech Ventures.
We7 said it was the UK’s only cloud-based music streaming service that lets users create bespoke personal radio stations and has more than 3 million unique monthly users. Peer Spotify has moved from Europe to the US and is reportedly in funding talks with a $2bn valuation from internet investor DST, which is backed by corporate venturing units from Naspers and Tencent.
Steve Purdham, chief executive of We7, which was founded by John Taysom, chairman of Global Corporate Venturing, said: "We are on the cusp of seeing a massive change in how people consume music. People love music but not everybody wants limitless choice or has the time to search millions of songs. They want a music service that is easy to use, plays them music they like, entertains them and discovers new music for them."
Investment adviser GP Bullhound provided corporate finance advice on the funding.