Music search engine Deezer has has raised 6.5 million Euros in a second round of funding. Based in Paris, Deezer has 10 million users in Europe, including 6 million in France. It has attracted more than one million downloads of its mobile phone apps. The funding will support Deezer’s creation of Odyssey Music Group (OMG), its parent company. OMG will support production activities and some technological developments, especially those linked to mobile.
This capital was formed using funds from AGF Private Equity and CM-CIC Capital Privé, thus joining the historic shareholders who make up the DOTCORP funds.
This second fund-raising brings the company’s total working capital to 12 .2 million Euros since its creation in August 2007.
Deezer founders Jonathan Benassaya and Daniel Marhely said in a joint statement: “We are delighted to welcome the assistance of AGF Private Equity and CM- CIC CapitalPrive in the Deezer adventure. Their experience in the Media and Internet sectors is decisive in the continuation of our business. This equity validates our position and strategy. We are henceforth prepared to continue with our development using state-of-the-art models in all European countries.”
Guillaume Lautour, partner of AGF Private Equity, is joining the company’s board of directors.
Guillaume Lautour, Partner, AGF Private Equity added: “Deezer is an amazing company and one of the few players capable of deploying its model globally for the benefit of users and production companies with whome it is actively collaborating. The company is focussing on the medium term and this pool of funds is just one more step in that direction”. Stephane Pesqué, Board Member of CM-CIC Capital Privé commented: “Deezer has quickly become the leader in the on-line music market. Being involved in this adventure and supporting Deezer in its development is a great opportunity”.