MelodyVR has raised investment of £6.48 million as it confirms plans to rebrand as Napster.
MelodyVR acquired Napster last year and is working to intergrate their operations. Napster is now set to be listed on the London Stock Exchange’s AIM listing on February 12.
The investment from Swiss corporate finance firm Nice & Green will commence this month.
The finance will support the development and launch of a new integrated mobile app, which will combine content and functionality from both the Napster and MelodyVR businesses to create a new music platform during the course of 2021.
Anthony Matchett, group CEO, said: "We are delighted to announce this convertible funding which will support the development of our new Napster music service throughout the course of 2021, whilst remaining in the best interest of shareholders due to the principal terms of the agreement. We are pleased to welcome Nice & Green as strategic investors into our company and look forward to working together more closely."
Benoit Villers, managing partner of Nice & Green, said: "Following its recent acquisition of Napster, MelodyVR will pioneer the next-generation of music service and offer the first ever music entertainment platform combining immersive visual content and music streaming. Nice & Green is proud to finance and invest in such an ambitious, disruptive and ground-breaking project supported by a fantastic team."