Wednesday, October 13, 2010

INgrooves Scores More Funding

San Francisco-based INgrooves, which provides digital distribution, marketing, and promotion services to music, video and book publishers, said Wednesday that it has raised another round of funding. The funding came from Shamrock Capital Growth Fund II. Financial terms of the investment were not disclosed. Universal Music Group, an existing investors in the firm, will continue to be a minority shareholder. INgrooves said the funding will go towards expansion into the ebook market and to make strategic acquisitions. The company also said that Universal Music Group--an investor in the firm since March of 2008--has extended its distribution deal with the company. More information »