France-born Hi-Res music service Qobuz has raised €10 million (approximately $10.92m).
According to a press release, the strategic funding will be used “to support the brand’s ambitions in terms of offer, R&D, talent recruitment, and strategic partnerships, in addition to supporting it in its global expansion”.
The new capital follows a previous raise of €12m in August 2019.
With headquarters in Paris, Qobuz was one of the first streaming services to offer Hi-Res streaming in studio quality, native 24-bit FLAC format. The platform launched in the US in February 2019.
The service is currently accessible in 12 countries – the US, United Kingdom, Ireland, Germany, Austria, Belgium, Switzerland, Luxembourg, the Netherlands, Spain, and Italy.
Qobuz reports to have closed its previous fiscal year “with over 45% growth”, and states that it is “now pursuing a major development plan”.
To support this plan, Qobuz is setting up a new management team and launching a recruitment drive that it says “is unprecedented in the company’s history.
For Qobuz’ Paris HQ, Georges Fornay, the executive credited with the development and success of the PlayStation in French and Swiss territories, has been appointed Deputy CEO.
In addition, Céline Gallon joins Qobuz as Chief People Officer.
Meanwhile, Raphaël Awóṣéyìn, who has held the position of Head of Quality Assurance within Qobuz for over a year, has been appointed Chief Customer Officer.
On the US side, music industry veteran Rachel Silton has joined as Acquisition and Marketing Manager.
Silton’s roles across the music industry have included Marketing Director at NYC Winter Jazzfest & Sound Mind Live, Project Manager at Motema Music and Marketing Consultant for Grammy-nominated artists.
Qobuz states that other major hires are planned to take place by the end of the year.
“The end of the year promises to be full of exciting projects for Qobuz.”
Denis Thébaud, Qobuz
Denis Thébaud, Chairman and CEO of Qobuz, said: “We are very proud of our latest fundraising milestone of 10 million euros, which shows our historical shareholders’ confidence in our model.
“The end of the year promises to be full of exciting projects for Qobuz.
“We are also very pleased with the arrival of Georges Fornay, Céline Gallon, and other experienced professionals who are committed to upholding the ambitions of our brand.
“We are ready to step up our international presence to offer a unique offer to those who do not compromise on musical quality.”Music Business Worldwide