South African communications firm Media24 has invested in music streaming startup NicheStreem to help it scale its first stream and develop a second.
The startup plans to use the platform as a proof of concept for other streaming services aimed at niche genres, and the investment from Media24, in return for a 10 per cent stake in the business, will provide it with 18 months runway to scale Liedjie and build a second stream.
Media24 reached out to us to learn more about Liedjie and explore whether there was any potential to collaborate. This led to a discussion about our funding requirements, the terms of the seed round we had opened and their potential involvement as a strategic partner,” Catherine Lückhoff, founder and chief executive officer (CEO) of NicheStreem, told Disrupt Africa.
“Media24 committed to guaranteed media exposure to help drive user uptake for NicheStreem streams starting with Liedjie.”
NicheStreem is raising a US$1.5 million seed round, with Lückhoff saying exposure and awareness for its existing product and future streams would be key to its success.
“Media24 is the ideal partner in this regard. We are delighted to have them on board and look forward to closing the rest of the round with equally strong partners,” she said.