ROLI, the London music startup that’s behind the keyboard-esque musical instrument the Seaboard, has raised debt funding from Kreos Capital.
A Companies House filing seen by Business Insider shows that ROLI has raised money from Kreos Capital’s fifth fund.
ROLI confirmed the funding to Business Insider but declined to disclose the amount of debt funding it had taken on.
A spokesperson for ROLI said “we have taken on a venture debt loan with Kreos, which has been a great financial partner for us as we have grown.”
“Venture debt is a well-established way to fuel growth especially for hardware companies like us, since building inventory is a necessary part of launching new products and establishing new retail channels.”
It’s not a negative sign that ROLI has taken on debt funding — in fact it’s a pretty common route for startups that deal in manufacturing and hardware sales.
ROLI last raised funding in May 2016 when it brought in $US27 million (£21.7 million) from Foundry Group, BGF Ventures, and Founders Fund as well as previous investors including Balderton Capital, Index Ventures, and Universal Music Group.
Business Insider reported in March that music streaming startup SoundCloud had also raised debt funding from Kreos Capital’s fifth debt fund. The company confirmed that it had raised $US70 million (£56 million) from the fund.
The ROLI Companies House filing also includes some interesting hints at ROLI’s future plans. The company owns the domain name rolirecords.com, which a spokesperson said is a new record label that the company intends to use to release music in the future.
The first release on the ROLI Records label is “No Refuge,” by PARISI which features RZA from Wu-Tang Clan. ROLI CEO Roland Lamb described Marco Parisi, one half of the band, as “one of the most important landmarks for me in the history of this whole project” in a September interview with Business Insider.
Other domains owned by ROLI include rolifoundation.org, which hints at a charitable arm, techcitytimes.com, and also vegetarianatwork.com.
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