Epidemic Sound secured funding from Asian investors, opens up office in South Korea.

Epidemic Sound, a Stockholm, Sweden-based company music company, completed a financing round totalling $20M.

The money is provided as a combination of debt and equity, backed by the Swedish bank SEB and Korean firm DS Asset Management. The round also included equity contributions from Nordic investors EQT Partners (through its fund EQT Mid-Market), Creandum and Atwater Capital.

At the same time, Epidemic Sound announced its intention to open an office in South Korea's capital, Seoul. The funding is aimed to support the company's expansion in Asia specifically by setting up shop in Korea.

According to the media, the deal puts a company valuation at $370M.

Epidemic Sound, founded in 2009 by Peer Åström, David Stenmarck, Hjalmar Winbladh, Jan Zachrisson and Oscar Höglund (CEO), provides a music service with a cheap and simple-to-access library of soundtrack music. The company aims to offer high-quality music, primarily targeting video content production clients, in-store music and streaming platforms.

Epidemic Sound is supported by nearly 400 employees based in 7 offices, 10,000 new customers every week and runs about 250m hours of played Youtube background music.

In 2017, the company was acquired by the Swedish private equity house EQT Partners, in a deal split among EQT's fund, EQT Mid Market, controlling 40% of the shares, Epidemic Sound founders, owners of 40%, and the Swedish VC company Creandum, with 20%.