VCs Exit As Music Retailer Buys Half Of 7Digital For $12.6 Million
The purchase creates a neat exit for 7Digital’s VC backers Balderton Capital and Sutton Place Managers. CEO Ben Drury told me that the VCs got a “positive return on investment” – though terms have not been disclosed. In January last year it took £4.25 million in a round led by Sutton Place Managers that included original investor Balderton Capital. HMV Group will now use the five year-old 7Digital as its sole supplier for “all of its existing digital operations” in the UK and Canada.