DJTUNES.COM wins MP3 inventor and bm-t as investors
November 19, 2008
The leading digital premium music service for club and dance music in Germany, DJTUNES.COM, receives prominent support. The company was able to win two further renowned investors with the MP3 co-inventor, Professor Dr. Karlheinz Brandenburg, and bm-t beteiligungsmanagement thüringen GmbH.
After the premium music service DJTUNES.COM received a seed investment from the leading German early-stage investor, High-Tech Gründerfonds, in 2006, the Bochum-based company now enters another growth stage.
DJTUNES.COM wants to further expand its position as leading digital premium music service with the support of the investors Professor Dr. Karlheinz Brandenburg and bm-t Beteiligungsmanagement Thüringen GmbH. “We can systematically develop new products and markets with our renowned partners and thus significantly accelerate our growth speed”, states Timo Becker, one of the three founders of DJTUNES.COM.
A branch office was recently established in the immediate neighbourhood of the Fraunhofer-Institute for Digital Media Technology (IDMT), on the campus of the TU Ilmenau by Professor Dr. Brandenburg in order to promote technologically-based product innovations. The launch of a new hip-hop portal in the second quarter of 2009 will constitute another important step.
DJTUNES.COM was able to become internationally established as a leading provider of club and dance music downloads since its foundation in 2005. The platform provides a music range of more than 300,000 DRM-free titles for download to clubbers, DJs and labels. More than 10,000 visitors benefit from user-friendliness, innovative features, early international releases and an excellent data quality (320 kbps) every day.
However, DJTUNES.COM is not only a download portal but a presentation platform and distribution channel at the same time. Thus, members can exchange music with friends of electronic sounds from all around the world in the extensive community area. Moreover, each user has the opportunity to upload self-composed tracks and to sell them directly via the platform.
44795 Bochum, Germany
Phone: +49(0)234 / 3 88 48 – 105
Mobile: +49(0)163 / 25 08 923
Fax: +49(0)234 / 3 88 48 – 123
About bm-t beteiligungsmanagement thüringen GmbH:
The Erfurt-based bm-t beteiligungsmanagement thüringen GmbH – a subsidiary of the Thüringer Aufbaubank – is the management company of four investment funds: TI – Thüringer Innovationsfonds, VCT – Venture Capital Thüringen GmbH & Co. KG, TIB – Thüringer Industriebeteiligungs-GmbH & Co. KG and PET – Private Equity Thüringen GmbH & Co. KG. bm-t currently manages more than 50 investments in companies and thus a fund volume of around € 165 million.
About Prof. Dr. Karlheinz Brandenburg:
Prof. Dr. Karlheinz Brandenburg is considered the inventor and trailblazer of many present standards in the field of digital media technology, particularly the compression format MPEG Audio Layer 3 (MP3). In his capacity as Director of the Fraunhofer-Institute for Digital Media Technology (IDMT) in Ilmenau and Head of the Department of Electronic Media Technology at the Technical University Ilmenau, Prof. Dr. Brandenburg is a pioneer in his area of expertise.
About High-Tech Gründerfonds:
The High-Tech Gründerfonds invests venture capital in young, up-and-coming technology companies, which implement promising research results in the industry. The start-up companies are planned to lead their R&D projects to the production of a prototype or a “proof of concepts” or market launch by means of the seed financing of up to 500k EUR. The High-Tech Gründerfonds has a fund volume of around 272m EUR. Investors of the public-private partnership are the Federal Ministry for Economics and Technology, the KfW bank group as well as the six industrial groups BASF, Deutsche Telekom, Siemens, Robert Bosch, DaimlerChrysler and Carl Zeiss.