Swedish music company X5 Music has secured a 7 million Euro ($9m) investment from Northzone Ventures, which also happens to the be the lead investor in that other Scandinavian music startup you’ve probably heard of, Spotify.
X5 Music is a digital record label operating largely in Europe. It plans to use the funding to sign American artists and to increase X5 Music´s current catalogue. This USA expansion makes them the first Swedish “record label” in 50 years to do so. It’s kind’ve odd to see a VC invest in a record label but Northzone wants to get a deeper involvement into the value chain within the digital music area, a market they believe has lots of growth potential.