GP Bullhound

GP Bullhound advises on the sale of Tunigo to Spotify

Press Release   •   Jun 03, 2013 10:17 CEST

GP Bullhound, the technology investment bank, has acted as the exclusive financial advisor to Snowfish AB on the sale of its subsidiary Tunigo AB (“Tunigo”) to Spotify AB.

Based in Stockholm, Sweden, Tunigo is a leading destination for digital music discovery. It offers an easy and fun way to find, create, and share new music and playlists on Spotify. The Company has successfully proved its ability to assist users in discovering specific music for all occasions, grouped by real events in everyday life. Tunigo also lets music listeners keep track of the latest releases, charts, reviews and current music news. Since launching their music discovery app globally on the Spotify platform, Tunigo has become a leading destination for consumers to discover new music, a position which has been further reinforced since the launch of the Tunigo iPhone app.

Tunigo's CEO and Founder Niklas Holmsten commented: "GP Bullhound has been instrumental in helping us raise two rounds of financing and ultimately drive the transaction with Spotify to a successful close. I am excited about the next phase of the Tunigo journey where we, together with Spotify, will continue to innovate to ensure that the music listener is offered the best possible music experience."

GP Bullhound Co-founder and Managing Partner Per Roman commented: "It has been a privilege to work with visionary entrepreneurs such as Nick Holmsten and his Tunigo team. It has furthermore been a pleasure to negotiate with the Spotify team, all true innovators as well. I look forward as a consumer to experiencing the results of this wonderful combination between two great companies. The future of digital music looks bright."

This represents the completion of GP Bullhound’s 21st transaction in the last twelve months and further highlights our commitment to supporting category leaders with great ideas and global potential. GP Bullhound´s Sidecar Fund was also an investor in Tunigo.

About GP Bullhound

GP Bullhound, an international technology investment banking group with offices in London, San Francisco, Stockholm and Berlin, has served companies and their founders and investors since 1999.We provide world-class advice on mergers & acquisitions and private/public placements as well as research and asset management to a diverse range of corporate clients, institutional investors and high net worth individuals. We are industry experts, specialising in digital media, eCommerce, gaming, social, online marketing, application and infrastructure software, consumer devices, integrated technology, telecommunication, solar, water and energy efficiency. With a true love for entrepreneurship and innovation coupled with deep global buyer relations, we have completed marquee transactions for many category leaders such as 192.com, Apertio, AudioAsics, Avito.ru, Bluewater Bio, CLX Networks, Concentrix, Cramer Systems, Funcom, Fjord, Essence, Glasses Direct, Handbag.com, Heliatek, King.com, Lastminute.de, Player X, Nanoradio, Neonode, Newbay, Steelseries, The Cloud, Tradedoubler and Xjet Solar. We have an international team of 35 experienced corporate financiers focused on the technology sector, and as a firm we have closed over 135 successful transactions since 1999.