(Hypebot) – Guvera, the Australian based global music streaming service has raised $72 million ($100M AU) to fuel expansion. Guvera claims 15 million free and paid users worldwide.
The money was raised from "high net worth families", as well as the AMMA Private Equity fund, which Guvera CEO Darren Herft help found, according to Business Insider. Guvera had previously raised $60 million in 2013.
Guvera financial reports show a loss of $58 million which ended on 30 June 2015, reports Music Ally.
Guvera has 6.5 million users in India after just a year and is focusing on expansion there. “Part of the strategy to target emerging markets was about competition,” Herft, told the Financial Review. “Our competitors mostly weren’t in those markets and we’ve been able to get a stronger footprint … We’re the only label in the world that has label agreements with labels like Sony, on top of the biggest Bollywood label in India as well.”
