GP Bullhound advises Believe Digital on its $60m growth capital round
Paris, 4 June 2015 – GP Bullhound, the international technology investment bank, acted as the exclusive financial advisor to Believe Digital on a growth capital investment of $60m from Technology Crossover Ventures (TCV), XAnge and GP Bullhound Sidecar.
Following its recent acquisition of TuneCore, Believe Digital has become the global fully independent market leader in distributing music and video to online streaming and download services. Created in 2005 with offices now in 30 countries, the company’s international presence, digital marketing expertise, and its capabilities for technical innovation and transparency, are being leveraged by independent artists and labels who desire to make the most of their music in a global digital world.
The backing of TCV, who has deep knowledge of the digital music and video space, the increased investment from XAnge and GP Bullhound Sidecar, and the continued trust of Ventech are a statement of confidence in Believe Digital’s strategic vision and ability to execute. TCV has funds under management of $10bn and investments include Spotify, Netflix, Facebook and Homeaway.
Manish Madhvani, Managing Partner GP Bullhound commented: “Believe Digital has created a truly unique position in the digital music value chain, and the partnership with TCV will allow the team to cement their leadership in the sector. We are proud to be associated with one of the largest growth capital rounds in France in recent times.”
This transaction further highlights GP Bullhound’s international coverage and depth of experience in the digital content sector, further to the deals recently completed with Spotify, Muzicall and 7Digital.
CEO and Founder of Believe Digital Group, Denis Ladegaillerie said: “GP Bullhound has been instrumental in finding the right investors for the next part of Believe Digital’s journey. Their expertise in the digital music sector, their global network and their deal making skills have been crucial to the success of this transaction.”
For enquiries please contact: Manish Madhvani at firstname.lastname@example.org, Guillaume Bonneton at email@example.com or Alessandro Casartelli at firstname.lastname@example.org
About GP Bullhound
As dealmakers in technology, GP Bullhound provides independent strategic advice on mergers and acquisitions and private placements to entrepreneurs, companies and investors. By combining a true passion for innovation with great access to global buyers and capital across Europe, US and Asia, GP Bullhound has completed transactions with many category leaders including Avito, Delivery Hero, Fjord, King.com, Pingdom, Pozitron and Spotify. The firm was founded in London in 1999 and today also has offices in San Francisco, Stockholm, Berlin and Manchester. For more information, please visit www.gpbullhound.com
About Believe Digital & TuneCore
Believe Digital is the leading fully independent digital distributor and services provider for artists & labels worldwide. The company has over 300 employees in 30 offices around the world. Believe Digital empowers artists and labels to maximize the value of their music in the transitioning digital music space by providing them with a full suite of services: digital music and video distribution, digital marketing and promotion services, synchronization and neighboring rights management, full label services, including in-house record label Believe Recordings, and complete DIY services with TuneCore. The company prides itself on providing tailor made services for each label and artist. Believe leverages its network of offices staffed with local music industry and digital marketing experts to support its clients on a global basis. Championing innovation and transparency throughout its ten-year history, Believe has developed leading in-house technology and digital marketing tools and expertise to help labels & artists leverage the benefits of digital. Visit: www.believedigital.com / www.tunecore.com
Technology Crossover Ventures (TCV), founded in 1995, is a leading provider of capital to growth-stage private and public companies in the technology industry. With nearly $10 billion in capital raised, TCV has invested in more than 200 technology companies over the last 18 years. Selected investments include Altiris, C|NET, ExactTarget, Expedia, Facebook, Fandango, FX Alliance, GoDaddy, Genesys Software, Groupon, HomeAway, Netflix, RealNetworks, Redback Networks, RiskMetrics Group, Sitecore, Splunk, Spotify, Thinkorswim, and Zillow. TCV is headquartered in Palo Alto, California with offices in New York and London. For more information about TCV, including a complete list of TCV investments, visit: www.tcv.com.
XAnge Private Equity is a regulated private equity vehicle with €360 million under management. Active in France, Germany and Western Europe, XAnge is a multi-corporate fund with both industrial and financial LPs. The XAnge venture team primarily invests in fast-growing companies of the digital, mobile, Saas software and fintech areas.
Ventech, leading venture capital firm in Europe, invests in high-growth companies with activities in the digital sector (internet, media, e-commerce, mobile, software and telecom infrastructures). Ventech has offices in Paris and Munich, as well as a local team in China, investing in the region via a dedicated fund and supporting the European portfolio in its development in Asia.
With more than €400m raised since 1998, Ventech has invested in over 120 companies in Europe, China, Russia and in the US. Current active and past investments include prestigious names such as Bonitasoft (open source solution for Business Process Management), Believe Digital (leading music distributor), Crocus Technology (breakthrough technology for non-volatile memory), Jumei (leading Chinese website for cosmetics, floated on the Nasdaq), MeilleurTaux (leading price engine comparison for real estate loans in France), TVSmiles (German mobile adtech solution), Vestiaire Collective (European leading resale community for high-end fashion), Webedia (digital media group in Europe, Brazil and Middle-East, operating prestigious brands like PurePeople, AlloCiné, JeuxVideos.com…) and Withings (leading innovator in health and wellness smart devices and applications). For more information, visit: www.ventechvc.com