7digital Takes £4.25 million
7digital offers downloadable music, video and movies to customers in the United Kingdom, Ireland and Germany. The company also provides branded digital solutions for clients such as ITV & Channel Five, Pringles, Miller, Last.FM & Bebo.
7digitial currently has 1.1 million customers with access to a library of over 3.5 million music and video downloads available from 99p each. The company starting offering DRM free downloads in December and has since seen a 188% increase in sales.
Under the deal Patrick Maxwell from Sutton Place Managers (investors in media properties such as Getty Images and Cricinfo) will join the 7digital board.