Growth equity firm Stripes Group made a considerable minority investment in a London-based international music platform. Stripes Group obtained around 27% of Audio Network's equity stake, majority of which was acquired from early angel investors.
Audio Network's management team, including its founders, will retain over 80% of their original holdings past the deal's completion.
Andrew Sunnucks, Audio Network's co-founder and Chairman said, "We welcome Stripes Group to the team. It's crucial that we remain a creatively driven business which focuses on providing a valuable service to our customers around the world." Sunnucks also added that they want "to remain at the forefront" of the growing global opportunity available for great music.
Audio Network provides music for advertisements, television, film and online video utilized on a subscription basis. They did not have prior institutional capital, yet the company has rapidly grown over the last five years. In a company statement, it revealed that it has a compounded annual growth rate of more than 40%.
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