China online music provider Kuke secures Milestone support

The investment amount was not disclosed but the company said it was in excess of RMB10 million ($2 million).

Founded in 2006, Kuke provides over one million recordings, covering classical music, jazz, movie soundtracks and Chinese pieces. It sources copyrights from the likes of Naxos, Marco Polo and Countdown. The firm has also partnered with more than 1,000 universities and libraries to supply online music.

The new capital will be used for marketing and purchasing more music copyrights, Hua Xing, the company's CEO, told local media. The firm plans to raise second round of funding this year to support its online platform and diversify the business.

Milestone Capital manages three US dollar-denominated funds and one renminbi-denominated fund, investing primarily in established high-growth companies seeking expansion or acquisition in China. The US dollar funds tend to commit $10-100 million per transaction while the renminbi sweetspot is RMB20-80 million.

In January, Milestone provided a Series A round for Peking Joyworks Culture and Media, a Beijing-based online animations and comics producer.

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