November 08, 2007

By By Aymeric Pichevin, Paris

Paris-based digital music service Believe has secured a first round of financing worth ?2 million ($2.9 million) from XAnge Private Equity.

This financing will allow the company to ramp-up its international expansion and "to accelerate the roll-out of new and innovative interactive digital marketing tools," commented Believe president and founder Denis Ladegaillerie in a statement.

Launched in 2005, Believe handles digital distribution, promotion and marketing for independent record labels and artists such as MC Solaar, Barbara Hendricks, Bob Sinclar and DJ Cam. The service claims five million tracks sold and more than ?2 million in royalties since launch.

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