Digital services company FUGA has announced that it is to receive a €6m ($7m) investment following strong growth in recent years.
The financing is completely self-contained, coming entirely from the company’s shareholders, and will be allocated between now and 2019.
The firm said that the money will help drive an ambitious international growth, both organically and via possible acquisition.
In addition, FUGA’s US operation is also set to expand.
Accompanying ongoing investment in its content and rights management and delivery services, FUGA will also use the cash injection to further hone its analytics and big data capabilities – providing more granular benchmarking and reporting to label clients.
The company says it will also use the funds to accelerate its offering to other segments, such as neighbouring and publishing rights.
“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.”
Pieter van Rijn, FUGA
The announcement follows a new client wins 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.
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 works as a digital supply chain partner with labels, management companies and distributors, including Epitaph Records, Ultra Records, Tommy Boy Entertainment, Curb and Domino.
Its platform manages close to 3 million tracks, with 4 million deliveries every month.Music Business Worldwide
