Home Deals Exto increases stake in Tuned Global

Melbourne-based digital music provider Tuned Global has secured a $5.1 million in investment from Sydney based venture capital firm Exto Partners.

Tuned Global plans to use a $5.1 million investment by Exto Partners to fund an expansion into the US and Asia, and to help develop unspecified digital music services.

"Our music solutions present an outstanding opportunity for many brands including in in the FMCG consumer goods sector, MVNO mobile networks, as well as the food and beverage, entertainment or sport industries," said managing director Con Raso.

"Tuned Global connects directly with audiences to offer the music that everyone wants, while providing these brands with deep insights into their customers."

The company has agreements with leading music labels including Sony BMG, Universal and Warner, and claims to be able to deliver content to suit every user's taste.

Tuned Global's Music Hub app is said to be the most downloaded music app on the Samsung store.

As part of the deal, Exto Partners managing director Will Deane has joined the Tuned Global board.

"We initially invested in Tuned Global 18 months ago and have been thrilled with its growth," he said.

"It originally provided music solutions to a small number of blue chip customers in Australia, such as JB Hi-Fi, Coles and FlyBuys, Samsung, Coca Cola and McDonalds and is now signing some amazing customers in the USA, Indonesia, Philippines, Thailand, Singapore, Hong Kong and South America."

Deane added "We have no doubt that Tuned Global's international expansion, significant customer growth and high rate of end user adoption will make it one of Australia's real start-up success stories."

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Stephen Withers

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Stephen Withers is one of Australia¹s most experienced IT journalists, having begun his career in the days of 8-bit 'microcomputers'. He covers the gamut from gadgets to enterprise systems. In previous lives he has been an academic, a systems programmer, an IT support manager, and an online services manager. Stephen holds an honours degree in Management Sciences and a PhD in Industrial and Business Studies.

 

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