Findspire raises €800,000 from ILP Sadepar et al.

The transaction, completed in March, saw ILP Sadepar secure a minority stake in the company. The Metz-based player contributed with €500,000 for the round, of which €400,000 has already been deployed, according to market sources.

The round featured an additional €300,000 investment from business angels and €200,000 in debt supplied by BPI France, according to French publication Capital Finance. The same source states the stake to be held by ILP Sadepar and co-investing angels at a combined 15%.

The investment in the French start-up is the firm's first via its Fonds Venture Numérique Lorrain. Launched in January 2015, the vehicle raised €7m on its first close.

According to the buyout house, the fund will focus on early-stage and seed capital funding rounds across Lorraine-based companies. Further investments are in the pipeline for the next few weeks.

ILP Sadepar was first attracted by Findspire's management team and existing partner portfolio, as well as its innovative approach in linking together different artistic fields.

The streaming platform is thought to have already received €700,000 in capital and a further €15m is forecast for 2016. It has already sealed partnerships with record labels Universal, Sony and Warner.

The company's immediate plans involve the launch of a mobile application, a premium service, as well as a film studio in Paris.

Company
Founded in 2013, Findspire is a commercial music streaming service that offers customers a multimedia library with images, audio and video clips from artists. The start-up allows performers to set up and manage their own profile on the platform. Headquartered in Paris, it employs around 25 people in both the French capital and Nancy.

People
ILP Sadepar was represented by CEO Hervé Obed and senior investment manager Samuel Clerc. Clerc has joined Findspire's management board.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• France
• Consumer
• Expansion
• France