Epidemic Sound Raises $20 Million for Expansion to New Markets

Epidemic Sound, the second-fastest-growing Swedish technology company on the Financial Times’ list of Europe’s fastest-growing companies, has been awarded funding of $20 million to grow its business.

Funding Epidemic Sound in this round are DS Asset Management, a Korean asset manager, and Skandinaviska Enskilda Banken, a Swedish financial group.

The funds will be used to further penetrate markets that it is already in and new markets with a strong focus on Asia. Epidemic has plans to launch in Seoul, Korea in the fall through a partnership with DS Asset Management and, meanwhile, partner with Asian musicians and content creators.

“South Korea is the cultural hotspot right now for the region,” Epidemic’s CEO and co-founder Oscar Hoglund said. “It’s a net exporter for content. Music is consumed and played there, but licensing to creators there means it will travel elsewhere in the region, too.”

Source: TechCrunch