Beatport Secures Growth Investment to ‘Expand the Ways We Serve the Global Electronic Music Community’
The company has secured an undisclosed sum from Los Angeles-based investment firm Square Nine Capital.
Beatport, a digital download platform for DJs and the electronic music community, has recently secured a growth investment from Los Angeles-based investment firm Square Nine Capital. The undisclosed sum of the investment refinance an existing credit facility, providing Beatport with the capital to pay off old loans and secure new funds. According to the press release, this infusion of capital will bolster Beatport's strategic priorities and solidify its status as the core of the global electronic music ecosystem.
The new funding will also grant Beatport increased flexibility to invest across its platform, products, and broader ecosystem as it continues to expand its offerings for music creators worldwide. This development aligns with Beatport's previous intentions, as CEO Robb McDaniels noted in April that the company intends to continue its expansion into the live events sector.
Despite being a relatively small company with most income coming from digital sales, Beatport has shown success with online events, transitioning into small pop-ups, larger stage takeovers, and festivals.
Square Nine Capital leader Griffin Coakley expressed his company's appreciation for Beatport's management and its partnership in supporting the platform's growth. Matt Gralen, who assumed the CEO position this past spring, welcomed Square Nine as a new capital partner, praising their shared belief in Beatport's leadership position and strategic role.
Written by urgent.news from Billboard's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
