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7digital Grows Annual Revenues But Still Needs $5.5 Million Investment to Survive

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London-based digital services company 7digital faces the possibility of going into administration -- a process similar to chapter 11 bankruptcy -- unless it can raise 'at least' £4.5 million in additional funds by the end of July.

CFO in April and they immediately carried out an urgent review of the business. In June, a consortium led bybecame majority shareholders in 7digital, acquiring outstanding loans of £600,000 and investing £1.3 million in capital. Both Koch and Lazarus are due to join 7digital’s board of directors shortly and are committed to making further funds available for the business, says 7digital.

"Tamir and David have an exciting vision for the music industry and see 7digital as playing a key role. As such, they have expressed a strong desire to invest further funds to stabilise the business and enable 7digital to execute its new enterprise strategy," Aalbers went on to say. "Our vision is to become the leading supplier of B2B music streaming solutions globally," states the document, identifying expansion into new markets as one source of potential growth.

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