Idagio, a Germany-based classical music streaming platform backed by retailer Tengelmann, has raised €10m ($11.8m) in funding from undisclosed investors.
Founded in 2015, Idagio operates an online audio streaming platform with more than 1 million tracks and is adding some 20,000 tracks each week. It disclosed the funding alongside news that it has launched the service in the US and Canada.
The company said it has now raised more than €20m in total. Tengelmann invested in its $9.4m series A round in December 2017 through its Tengelmann Ventures unit, alongside Btov Partners, the German city of Mülheim an der Ruhr and unnamed angel investors.
Btov had joined Macquarie Capital, an advisory and investment subsidiary of financial services provider Macquarie Group, and undisclosed angel investors for Idagio’s seed round in 2015.
Till Janczukowicz, Idagio’s founder, said: “The confidence of our investors indicates that we are on the right path. Making classical music really work in the digital space needs profound ground work. Results don’t come overnight.
“Besides expertise in content and technology, you need patience, a great diversified team and the respective funds. The current investment allows us to launch in North America, and to further establish our position as a leader in the classical music tech sector.”
