Music streaming company Spotify has acquired US-based voice messaging technology startup Cord Project, providing an exit for GV, the corporate venturing subsidiary of conglomerate Alphabet that was previously known as Google Ventures.
Cord Project’s core product was Cord, a one-tap voice messaging platform for mobile devices, which had more than a million users. The company will build a new product group under Spotify’s auspices that will look to develop content experiences.
Metamorphic Ventures and Lerer Hippeau Ventures co-led a $1.8m seed round for Cord Project in September 2014 that also featured Google Ventures, Slow Ventures, Greycroft Partners and angel investors Gary Vaynerchuk, Carmelo Anthony and Stuart Goldfarb.
Spotify revealed the transaction at the same time as another acquisition, that of Ireland-based Soundwave, the developer of a social networking for new music discovery that had been downloaded more than 1.5 million times.
The amount paid by Spotify for either company has not been disclosed. Soundwave had raised in excess of $1.5m from backers including ACT Venture Capital, Enterprise Ireland and Mark Cuban.
– Image courtesy of Cord Project