NET4MUSIC GETS $16 MIL IN FUNDING
The company hopes to use the Internet to grow a market that has been limited by physical distribution.
The round, led by Rothschild Asset Management, involved a host of new investors—BancBoston Capital, Turenne Capital Partenaires, EDB Venture, Mitsubishi Corp., MC ITE, Mitiska Net Fund Europe, Genevest and private investors—joined by returning investors Viventures, PLS Venture Capital Partners, Robertsau Investissement and venture capital investment funds managed by SGAM.
Yes, all of those companies were excited about the prospect of sheet music on the Internet.
Net4Music currently has more than 60,000 digital sheet music titles in its catalog, including pop, rock, jazz, classical and other genres. In April, Big Five music company EMI Recorded Music said it will license its catalog of more than one million songs to Net4Music, which will digitally encode and market the songs on the Internet (hitsdailydouble.com, 4/18).
