Sweden-based business-to-business music streaming service provider Soundtrack Your Brand raised $10.9m on Tuesday in a series B round led by telecommunications company TeliaSonera.
Soundtrack Your Brand was formed by music streaming service Spotify, which also invested in the round along with Play Networks, Creandum, Northzone and Wellington Partners.
The company combines Spotify’s Spotify Business offering with content planning, marketing, online and data management tools. The series B funding will enable Soundtrack Your Brand to roll out its service outside of Sweden, add new options to its offering and introduce new offers.
TeliaSonera paid $115m for a 1.4% stake in Spotify earlier this month as part of a strategic agreement that will involve collaboration on media distribution, customer insights, data analytics and advertising. Creandum, Northzone and Wellington were also early investors in Spotify.
Henriette Wendt, TeliaSonera’s head of corporate development, said: “We are set on creating a New Generation Telco. As such, weare constantly seeking new opportunities close to our core business and services that our customers love.
“Soundtrack Your Brand is on a great and exciting journey and a perfect strategic match for us as investor and partner.”