UK-based supermarket group Tesco has bought We7, a UK-based personalised internet radio service backed by US-based semiconductor company Qualcomm’s corporate venturing unit.
Tesco bought a 91% stake in WE7 and added the remaining shares would be acquired within a period of weeks. It paid £10.8m ($17m).
We7 has a library of 11 million tracks across all music genres.
Qualcomm Ventures, the corporate venturing unit of US-based technology equipment maker Qualcomm, joined a consortium providing an undisclosed amount to We7, last year.
Alongside Qualcomm Ventures in the round were angel investor and musician Peter Gabriel and venture capital firms Eden Ventures and Pentech Ventures.
We7 was founded by John Taysom, former head of media group Thomson Reuters’ 1990s-vintage corporate venturing unit, Greenhouse Fund.