Qobuz announced raising €10 million from the Nabuboto company and the Quebecor Group

Qobuz, a Paris, France-based music streaming company, announced the completion of a €10 million ($11.8M) funding round.

The money was raised from existing investors the Nabuboto company and the Quebecor Group and will be used to support the company's international expansion ambitions. To support this development, Qobuz is setting up a new management team and launching a recruitment plan that is unprecedented in the company's history.

At the same time, the company announced that internationally, for Qobuz' Paris HQ, Georges Fornay, the executive behind the development and success of the PlayStation in French and Swiss territories, has been appointed Deputy CEO.

Qobuz, founded in 2007 by Yves Riesel and led by CEO Denis Thébaud, is a music streaming and download service available in 12 countries - the US, where it opened in 2019, France, where the company began in 2007, as well as the United Kingdom, Ireland, Germany, Austria, Belgium, Switzerland, Luxembourg, the Netherlands, Spain, and Italy.

The company claims that it closed its last fiscal year with over 45% growth.

Prior to this round, in 2019, Qobuz raised €12 million.