Qobuz has raised €10 million (£9.2m) in new capital to drive its momentum and consolidate its future developments.
To support its international expansion ambitions, Qobuz is establishing a new management team alongside a recruitment plan.
The service is now accessible in 12 countries – the US (where it opened in 2019), France, the United Kingdom, Ireland, Germany, Austria, Belgium, Switzerland, Luxembourg, the Netherlands, Spain, and Italy. The company launched in France in 2007.
Qobuz closed its last fiscal year with over 45% growth, and is now pursuing a major development plan. To support the brand's ambitions for R&D, talent recruitment, and strategic partnerships, in addition to supporting it in its global expansion, shareholders the Nabuboto company and the Quebecor Group have raised €10m. This follows a previous capital increase of €12m (£11m) in August 2019.
Georges Fornay, the executive behind the development and success of the PlayStation in French and Swiss territories, has been appointed deputy CEO. Celine Gallon joins Qobuz as chief people officer, while Raphael Awoseyin is promoted to chief customer officer.
On the US side, music veteran Rachel Silton has joined as acquisition and marketing manager. Other major recruitments are planned to take place by the end of the year.
“We are very proud of our latest fundraising milestone of €10m, which shows our historical shareholders’ confidence in our model,” said Denis Thébaud, chairman and CEO of Qobuz. “The end of the year promises to be full of exciting projects for Qobuz. We are also very pleased with the arrival of Georges Fornay, Céline Gallon, and other experienced professionals who are committed to upholding the ambitions of our brand. We are ready to step up our international presence to offer a unique offer to those who do not compromise on musical quality.”