Polish startup Closer Music receives €1.3M from Ekipa and JR Holding
20 March, 2023, 12:23
Warsaw-based music database startup Closer Music has received over €1.3 million (PLN 6 million) in investments from Ekipa Investments and JR Holding. The funding is aimed at expanding the databases and getting new customers, My Company Polska reports.
- Closer Music develops a project with the goal to produce high-quality music databases for their use and earning in many fields of need, through use in ads, providing direct music licenses, streaming, and public company use.
- The most important element of Closer Music is the content. Compositions and beats for songs are created in Poland, lyrics for songs and vocal recordings in the USA, and arrangements, mixes and mastering are carried out in the company’s well-equipped recording studios. Currently, there are over 4,000 tracks in Closer Music’s portfolio.
“Closer Music is another company from the new media sector in our portfolio, this time operating on the audio market for versatile commercial applications. Thanks to several models of monetization of the existing works, the company has a good chance of success,”January Ciszewski, investor and president of JR Holding, commented.
- As part of the round, the investor acquired shares in Closer Music. JR Holding invested around €850,000 and acquired a 7.14% share, while Ekipa Investments acquired a 1.79% share in the company’s capital in exchange for about €210,000. At the same time, some other unnamed investors also provided €210,000.
- Closer Music will use the fresh funds for further development. Particularly, it will improve its online e-commerce app, acquire new customers, and expand marketing and promotional activities.