FUGA Accelerates Growth with €6m Investment
FUGA, the industry-leading technology and services company for rightsholders, is set to receive a six million euro investment, following strong growth in recent years.
With FUGA’s US team set to expand further, the funds - pledged entirely from current shareholders - will help drive the company’s ambitious international growth, both organically and via possible acquisition.
Accompanying ongoing investment in its content and rights management and delivery services, FUGA will also use this injection to continue to hone its analytics and big data capabilities, providing more granular benchmarking and reporting to its label clients. FUGA will also use the funds to accelerate its offering to other segments, such as neighbouring and publishing rights and to grow dedicated teams, alongside expanding its territorial marketing and promotional services and expertise.
The announcement follows a string of new clients for the Amsterdam-based company, which recently signed up management services company mtheory and DJ Premier & Ian Schwartzman’s label imprint TTT. This spate of new deals, coupled with a team which has more than doubled in recent years and a best-in-class reputation, puts the company in a perfect position for growth. The funds will be allocated over the coming two years.
Pieter van Rijn, CEO of FUGA, said: “I am very proud of FUGA’s trajectory, and happy that it has been recognised by our shareholders. I am confident that this significant injection of funding will mean we are able to far exceed our already ambitious plans and strengthen our position as an industry leader.”
FUGA’s technology offers best-of-breed digital supply chain integration. Its flexible platform enables clients to vary services across different DSPs so that they can develop their catalogue management, distribution, marketing, licensing and royalty accounting activity as their needs evolve. Connected to over 260 digital service providers worldwide, FUGA’s platform manages close to 3 million tracks, with 4 million deliveries every month.
FUGA recently partnered with the dotBlockchain Music Project (dotBC) as part of a coalition to spearhead development of a global blockchain ecosystem.
October 19, 2017 10:15am ET by Name PR