FUGA Growth Accelerated By €6m Investment
October 17th, 2017 | Amsterdam, The Netherlands
• FUGA shareholders pledge six million euros over the next two years
• Investment follows strong period of financial growth, regional expansion and new hires
• Funds to be used to grow FUGA internationally and further develop cutting edge tech
FUGA, the industry-leading technology and services company for rightsholders, is set to receive a six million euro investment, following strong growth in recent years.
With FUGA’s US team set to expand further, the funds - pledged entirely from current shareholders - will help drive the company’s ambitious international growth, both organically and via possible acquisition.
Accompanying ongoing investment in its content and rights management and delivery services, FUGA will also use this injection to continue to hone its analytics and big data capabilities, providing more granular benchmarking and reporting to its label clients. FUGA will also use the funds to accelerate its offering to other segments, such as neighbouring and publishing rights and to grow dedicated teams, alongside expanding its territorial marketing and promotional services and expertise.
The announcement follows a string of new clients for the Amsterdam-based company, which recently signed up management services company mtheory, DJ Premier and Ian Schwartzman’s label imprint TTT. This spate of new deals, coupled with a team which has more than doubled in recent years and a best-in-class reputation, puts the company in a perfect position for growth. The funds will be allocated over the coming two years.
Pieter van Rijn, CEO of FUGA, said: “I am very proud of FUGA’s trajectory, and happy that it has been recognised by our shareholders. I am confident that this significant injection of funding will mean we are able to far exceed our already ambitious plans and strengthen our position as an industry leader.”
FUGA is an industry-leading technology and services company for international rightsholders. At its core is the FUGA platform, launched in conjunction with leading music partners in 2008. FUGA is the number one choice for some of the world’s top labels, management companies and distributors, including Epitaph Records, Ultra Records, Tommy Boy Entertainment, Curb and Domino.
FUGA’s technology offers best-of-breed digital supply chain integration. Its flexible platform enables clients to vary services across different DSPs so that they can develop their catalogue management, distribution, marketing, licensing and royalty accounting activity as their needs evolve. Connected to over 260 digital service providers worldwide, FUGA’s platform manages close to 3 million tracks, with over 2.5 million deliveries every month.
FUGA recently partnered with the dotBlockchain Music Project (dotBC) as part of a coalition to spearhead development of a global blockchain ecosystem.