Music distribution firm, PlayBOX, has raised USD1m in a share subscription agreement with existing investor Karada.
Under the deal, Karada will buy shares in PlayBOX’s common stock for gross proceeds of USD1m, the companies say. PlayBOX says it will use the new funds to fuel its “aggressive acquisition strategy” and accelerate growth.
London-based PlayBOX is a holding company that specialises in acquisitions in the music delivery sector. It owns online music distributor, Delta Online Distribution, mobile content delivery firm, New Vision Mobile, and merchandising distributor, Delta Music Merchandising. Founded last year, the firm distributes its products via major retail chains, such as Tesco, Asda and HMV.