Calm Radio® Orchestrates $1.25m Growth Financing from BDC and TD Canada Trust
World’s largest provider of Relaxation Music poised to become the “Spotify®” of the Wellness Market, showcased at Collision Conference
TORONTO, May 21, 2019 /PRNewswire/ – Calm Radio®, the world’s largest online music streaming service focused on the wellness and relaxation markets, announced today that it has secured a total financing of $1.25M from BDC and TD Commercial Banking. These funds will be used to propel the already rapidly growing listener base of Calm Radio.
“We are thrilled to be partnering with two major forces in the Canadian finance community to help us grow our business,” stated Eric Harry, Founder and CEO of Calm Radio. “These funds will help us further accelerate our growth after another amazing year at Calm Radio.” Calm Radio increased their MRR by 45% during the last fiscal year and grew its listenership by over 85% and now streams over 5M hours of relaxing music to close to 1M unique IPs each month.
This growth has been fueled by a positive listener experience and a commitment to innovative technologies. Their listeners enjoy over 375 channels, with more being added every week. The combination of ad-supported and paid subscribers have responded to Calm Radio’s expertly curated channels with overwhelming support. With an average retention of over 2.5 years, Calm Radio’s happy listeners give glowing reviews and a rating of 4.6* on the Apple App Store.
“BDC, Canada’s bank for entrepreneurs, is proud to support Calm Radio in the fulfillment of its growth strategy that will deliver jobs and innovation in Canada,” stated Jean-Philippe Pépin, VP and National Lead, Technology at BDC. “Calm Radio presented to us a solid business plan to achieve its vision in the fast-growing music streaming marketplace. Their tenacity in achieving tremendous growth to date clearly demonstrates the entrepreneurial spirit we support.”
Calm Radio was recently awarded the Industry Star award at the 11th Annual Media Excellence Awards. This award goes to the “the best company overall who has defined groundbreaking and innovative technologies which have changed the way consumers do business or live their lives.” It is a reflection of how they have positioned themselves at the forefront of digital music technology. On top of Sonos, Roku, Windows and Apple Desktop, Apple and Android Mobile amongst other platforms, they have added Alexa, Android Auto, and Apple CarPlay capabilities. These changes are part of their commitment to ensuring that their listeners can listen where they want, when they want, how they want.
As the only digital music streaming service targeting Sleep, Relaxation, and Mediation music, Calm Radio is uniquely positioned at the intersection of two growth industries; Wellness and Music Streaming. They’re excited to share their growth opportunities at the Collision Conference in Toronto (Booth B140 on Tuesday) and discuss how the new funding positions them for further success. If you would like to talk more and book a meeting with Calm Radio, please email Wayne Seifried, CFO Calm Radio, at wayne@calmradio.com or call him at 416-627-3331.
About Calm Radio
Calm Radio provides its users with music for a healthier life. They are the world’s largest provider of life-enhancing music with an emphasis on focus, relaxation, mindfulness and sleep music. Calm Radio was recognized as the 2019 “Industry Star” by the Los Angeles’ based Media Excellence Awards and Best New App Upgrade by Apple in 2019. Calm Radio began in 2009, founded by Eric Harry, a multi-award winning composer. Eric realized there was no online home for relaxation, instrumental, or classical music and decided to solve that problem. Since then, Calm Radio has grown into the largest provider of relaxing music on the internet and is poised to become the Spotify of the Wellness Market.
Calm Radio® is a registered trade-mark of Calm Radio Corp.. Spotify® is a registered trademark of Spotify Limited.
More information can be found online at www.calmradio.com or follow them on Facebook or Instagram. Access the Calm Radio press kit here.
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SOURCE Calm Radio
