Digital distribution company Fuga has secured six million euros (£5.4 million) of new investment from existing shareholders. The money will be used to expand the company internationally, including expanding the firm’s US operation.
“I am very proud of Fuga’s trajectory, and happy that it has been recognised by our shareholders”, says Fuga CEO Pieter van Rijn. “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”.
As well as growing existing services, the company has said that it is considering acquisitions as a means to boost its international reach.
Launched in 2008, Fuga has recently done a number of new deals with labels, most recently with Ignition Records, the record label owned by London-based artist management outfit Ignition, which works with artists like Primal Scream, Courteeners and The Coral. Fuga also has deals with the likes of Ministry Of Sound, Epitaph Records, Ultra Records, Tommy Boy Entertainment and Domino, boasting a catalogue of nearly three million tracks.