Spotify Investor Northzone Puts $3M In Soundrop

Spotify investor Northzone has put $3 million into the social music service Soundrop. As part of the investment, Northzone’s Torleif Ahlsand will join Soundrop’s board. Soundrop pioneered the concept of “listening hangouts” on Spotify where in May users held more than 3.3 million listening sessions and created more than 7000 rooms, according to a press release.

PRESS RELEASE

Northzone, the lead investor in Spotify and X5 Music, invests $3 million in Soundrop

Oslo – June 12th, 2012 – Soundrop, the top destination for social music, today announced that it has completed a $3 million funding round from Northzone, which continues to ramp up its digital music portfolio. As part of the investment, Torleif Ahlsand from Northzone will join Soundrop’s board.

Soundrop’s vision is to improve the music discovery and listening experience. The company has pioneered the concept of “listening hangouts” and is currently one of the most popular and fastest growing applications in Spotify’s App Finder. In May, Soundrop users have held more than 3.3 million listening sessions, created more than 7000 rooms and listened to almost 60 million songs, underscoring the claim that it is more fun to consume music socially.

Artists and labels have also recognized the many benefits of social listening, which include driving awareness and strengthening engagement with their most devoted fans. In the past month, Soundrop has opened official rooms for some of the top artists in the world today including Carrie Underwood, Kelly Clarkson and The Fray, The Smiths, Iron Maiden, Sebastian Ingrosso and Alesso, Carl Cox, Sigur Rós, One Direction and many others.

“Social applications will transform the way we experience music on our laptops, on our phones, at a concert or at a bar,” said Inge Sandvik, CEO & Co-Founder, Soundrop. “Soundrop is already making it easier to discover, experience and share music with your friends. Now we’re pleased to accelerate our growth with Northzone’s support.

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Torleif Ahlsand, General Partner in Northzone and Chairman of Soundrop’s Board of Directors comments: “We’re big believers in services that are social and scalable by design, and on top of it are helping enrich the music ecosystem. Soundrop builds brand value and consumption opportunities for artists and labels, whilst creating a more fun listening experience for the consumer. It’s a win win situation for all.”

About Soundrop

Soundrop is the easiest way to experience and discover music together with your friends. Create a social listening room with your favorite songs, or join one of our many public rooms to experience music with thousands of fans from around the world. Soundrop is headquartered in Oslo, and founded by entrepreneurs who believe music sounds better with friends. Visit us online at http://www.soundrop.com/.

About Northzone

Northzone is a leading technology investor. Established in 1996, Northzone has offices in London, Copenhagen, Oslo, and Stockholm. Since its inception Northzone has raised over $500 million, invested in some 80 companies. Notable investments include Spotify, Avito, Lastminute.com, Pricerunner, Nimsoft, Funcom and EPiServer.