Music streaming platform Zvooq has raised a $20 million (RUB723 million) Series A financing led by e-retailer Ulmart, with additional participation from Essedel Capital. The Russia-based company will use the funds to bolster and promote its ad-supported music streaming model that allows companies to integrate free, legal streaming into their products. Zvooq currently has a song catalog of over 15 million songs from 500,000 artists and 25,000 music labels. In 2013, the Russian music market saw 56% of its growth come from services such as Zvooq's.
Music services continue to be popular with consumers and VC investors. Tunespeak, Opus Deli and Bop.fm all raised VC funding in July, and companies such as Mixify, which raised almost $2 million in June, keep the space fresh by offering services such as video streams of live concerts around the world.