Beatport has secured a growth investment through Los Angeles-based investment firm Square Nine Capital to fund development across its platform, products and broader ecosystem. The digital music store and electronic music group did not disclose the amount.
Square Nine refinanced an existing credit facility to provide the funding. Beatport said the investment would support its strategic priorities and strengthen its role in the global electronic music ecosystem.
The company has also recently added ticket sales to its operations.
Beatport’s investment plans
Beatport CEO Matt Gralen said:
“We are excited to welcome Square Nine as a new capital partner to Beatport. Square Nine shares our conviction in Beatport’s leading position and strategic role, and we look forward to working together as we continue to invest in our platform and expand the ways we serve the global electronic music community.”
Square Nine’s partnership approach
Griffin Coakley, a chartered financial analyst (CFA) at Square Nine Capital, said:
“We have tremendous respect for the team at Axar and what they have built in partnership with Beatport’s management team. Our strategy is centered on partnering with high-quality companies backed by thoughtful sponsors, and we are excited to support Beatport as it continues to invest in its platform and build on its leadership position in electronic music.”
