TORONTO – Music streaming service Calm Radio has secured $1.25M in financing from BDC and TD Commercial Banking, the company announced Tuesday during the Collision Conference in Toronto.
Founded in 2009, Calm Radio offers more than 375 ad-supported and subscription channels with an emphasis on relaxation, mindfulness and sleep music.
"We are thrilled to be partnering with two major forces in the Canadian finance community to help us grow our business," said Calm Radio founder and CEO Eric Harry, in the announcement. "These funds will help us further accelerate our growth after another amazing year at Calm Radio."
Calm Radio said that it grew its listenership by over 85% during its last fiscal year and now streams over 5 million hours of relaxing music to close to 1 million unique IPs each month. The service is available via Sonos, Roku, Windows and Apple Desktop, Apple and Android Mobile plus recently added Alexa, Android Auto, and Apple CarPlay capabilities.
"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," added Jean-Philippe Pépin, BDC VP and national lead, technology. "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."
