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- Believe
Believe Acquisition, Valuation, Funding & Investors
Believe was acquired by EQT and TCV for $1.6B in February 2024, a 1.5x multiple on $1.1B of revenue.
Believe revenue at acquisition
$1.1B
Last twelve months · Feb 2024
Believe revenue multiple at acquisition
1.5x
EV/Revenue · Feb 2024
Believe EBITDA multiple at acquisition
22.7x
EV/EBITDA · Feb 2024
About Believe
Believe is a Paris-headquartered digital music distributor founded in 2005 serving independent artists and labels worldwide. The company distributes to Spotify, Apple Music, and TikTok, managing catalogs for over 1.5 million releases from partners like Republic Records indies. With offices in London, New York, and Nashville, Believe generates hundreds of millions in annual payouts to creators.
Founded
2005
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Commission
Revenue
$1.1B (Feb 2024)
Valuation
$1.7B (Nov 2019)
Believe Acquisition
Believe was acquired by EQT and TCV for $1.6B on 12 February 2024.
The acquisition price implies a 1.5x revenue and 22.7x EBITDA multiple on $1.1B of revenue.
Before the acquisition Believe had raised $210M across 2 funding rounds.
Believe is a global digital music distributor that empowers independent artists and labels through services including label development, artist support, and digital distribution. A consortium led by EQT, alongside existing investor TCV and Believe founder, Chairman, and CEO Denis Ladegaillerie, agreed on February 12, 2024, to acquire a 71.92% block of Believe's capital, valuing the company at €1.523 billion ($1.64 billion) based on €15 per share for 101.547 million outstanding shares. EQT expects to hold a 30-35% stake in the consortium. Believe's board unanimously endorsed the deal, citing a 43.8% premium over the 30-day average stock price, immediate liquidity for minority shareholders, and alignment with the company's mission. The block acquisitions received all necessary approvals by April 18, 2024, with transfers deemed firm and irrevocable, expected to complete in Q2 2024. Following completion, the consortium will launch a simplified public tender offer at €15 per share for remaining shares, potentially leading to a squeeze-out if conditions are met. Strategic rationale emphasizes accelerating Believe's growth amid music market expansion and digitalization via technological investments, organic expansion, and acquisitions to outpace market performance. Believe, public since its June 2021 Euronext Paris IPO floating 14.35% equity, anticipates FY 2023 adjusted EBITDA margin slightly above 5.5%.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 12 Feb 2024 | PE buyout | $1.6B | 1.5x | 22.7x |
Believe Valuation
Believe is currently valued at $1.7B, based on its Series C in November 2019.
The $150M round was led by TCV, with participation from Ventech.
Believe valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Nov 2019 | Series C | $1.7B |
Believe Funding History
Believe has raised a total of $210M across 2 funding rounds.
Believe's first fundraising round was a $60M Series B in June 2015. The most recent completed round was a $150M Series C in November 2019.
Believe funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2019 | Series C | TCV (lead); Ventech | $150M | $1.7B | Believe is a French digital music company that helps local artists grow their careers by distributing music to over 150 digital stores and streaming partners, paying 100% of earnings directly to artists for a low annual flat fee. Ventech first invested in Believe's $6.5 million round in 2008, when the company had €2 million in revenue, supporting founder Denis Ladegaigner's vision to reconstruct the music industry post-digital revolution crisis. In 2024, Ventech sold its 12% stake for €175 million, achieving a 36x return on its third fund investment. A consortium of CEO Denis Ladegaillerie, EQT Group, and TCV acquired 71.92% of Believe's capital, including Ventech's 12% stake, and launched a public tender offer for remaining shares at €15 per share, valuing the company at €1.5 billion in France's biggest VC exit in a decade. Ventech cited Believe's chronic market undervaluation and lack of liquidity post-IPO, where it raised €300 million. The management sought expansion but was limited by stock performance. Alain Caffi, Ventech Founding Partner, noted growth from €2 million revenue in early days to nearly a billion today. Post-exit, Believe is positioned for ambitious growth under TCV and EQT, focusing on respect, expertise, fairness, and transparency. Ventech used a GP-led fund, Ventech Opportunity I, to manage the exit. This proceeds helped launch Ventech's sixth fund targeting €225 million for early-stage tech in Europe. |
| Jun 2015 | Series B | TCV (lead); Ventech; XAnge; GP Bullhound | $60M | - | Believe Digital, founded in 2005 in Paris, is an independent digital music and video distributor and label services provider, operating in 30 countries and serving independent labels and artists by distributing content to streaming and download platforms. It recently acquired TuneCore, a U.S.-based DIY music distribution platform, forming a joint entity with reported annual turnover around $250 million. The company also runs one of the largest multi-channel networks for video, achieving over 3 billion views per month, and clients include labels like World Circuit, Nettwerk Records, and Hospital Records. In June 2015, Believe raised $60 million in growth capital led by TCV, with participation from existing investors XAnge (since 2007), GP Bullhound Sidecar, and Ventech. TCV, known for investments in Spotify, Vice Media, and others, provided approximately 90% of the round, and partner John Rosenberg joined the board. Funds were earmarked for investing in artist and label success, hiring talent in music, digital marketing, and technology, and pursuing targeted acquisitions. At the time, Believe generated €70 million in sales (revenue) in 2014, while TuneCore had €110 million, doubling Believe's customer base to 250,000 artists post-acquisition. This positioned Believe to leverage digital music growth surpassing CD sales in many markets and extract competitive terms from platforms like Spotify and Deezer. |
Who has invested in Believe?
4 investors have backed Believe across its funding rounds, including TCV, Ventech, XAnge and GP Bullhound.
Lead investors include TCV.
Believe Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Jun 2015 | ||
| 2 | Lead | Jun 2015 | ||
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Start Free TrialAcquisitions by Believe
Believe has acquired 9 companies to date.
Last acquisition by Believe was on December 9th 2025. Believe acquired ampd Method for undisclosed valuation.
Latest Acquisitions by Believe
| Description | ampd Method supports aesthetic professionals with medical oversight, training, and operational tools to expand practices. | Sentric Music is a Liverpool-headquartered independent music publisher representing thousands of artists and writers. The company collects performance and mechanical royalties globally through partnerships with PRS, ASCAP, and SOCAN. Sentric places tracks in TV shows, advertisements, films, and video games for clients like Sony and Universal. | Think Music is a Chennai-based record label distributing film soundtracks and independent music across South India. The company releases Tamil, Telugu, and Hindi albums, managing catalogs from movies like Vikram and Beast starring Vijay. Partnering with Sony Music, it streams on Spotify and Gaana with over 10 million monthly listeners. Launched in 2000 as part of Ayngaran International, Think Music operates studios in Hyderabad. | Doğan Music Company is an Istanbul-based music distributor handling digital and physical releases. It represents artists and labels across Turkey, streaming on platforms like Spotify and Apple Music while managing a roster of pop and regional performers. | |
| HQ Country | |||||
| HQ City | - | Liverpool | Chennai | İstanbul | |
| Deal Date | 9 Dec 2025 | 30 Mar 2023 | 29 Nov 2021 | 17 Apr 2020 | |
| Valuation | undisclosed | $51M | $18M | $34M | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all Believe acquisitions and their M&A valuation multiples. Start Free Trial | |||||
Investments by Believe
Believe has invested in 2 companies to date.
Latest investment by Believe was on November 9th 2022. Believe invested in Iba Halal Care in their $10M Series B round.
Latest Investments by Believe
| Description | Iba Halal Care is an Ahmedabad-based beauty brand offering Halal-certified, vegan, and cruelty-free skincare and haircare products devoid of alcohol, parabens, sulfates, and animal-derived ingredients. Launched in 2016, it produces shampoos, conditioners, face washes, serums, and lip balms formulated with natural oils like argan and coconut. PETA-approved, the brand distributes through online platforms and retail outlets in India, the Middle East, and Southeast Asia. Iba Halal Care emphasizes Islamic-compliant beauty standards while appealing to eco-conscious consumers worldwide. | Ohsogo is an e-commerce platform curating beauty and skincare products from Korean and international brands. It specializes in K-beauty items like sheet masks, essences, sunscreens, and cosmececticals from lines such as COSRX, Innisfree, and Dr. Jart+. The site offers subscription boxes, personalized quizzes for routine recommendations, and virtual try-on tools. Operating from Los Angeles with warehouses in the US and Asia, it ships to North America and Europe, emphasizing clean ingredients and cruelty-free certifications. |
| HQ Country | ||
| HQ City | Ahmedabad | Dhaka |
| Deal Date | 9 Nov 2022 | 8 Aug 2022 |
| Round | Series B | Strategic investment |
| Raised | $10M | $8M |
| Investors | - | - |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Believe investments and their VC round multiples. Start Free Trial | ||
Believe Competitors
Believe competitors include listed companies like SM Entertainment and Saregama India, and private ones like Create Music Group, S!NG, Songtradr and Kakao M.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $2.2B | - | ||
| Private | - | - | $1B | - | ||
| Private | $24M | - | $530M | - | ||
| Publicly listed | $855M | $311M | $1.4B | 1.5x | ||
| Private | - | - | $1.3B | - | ||
| Publicly listed | $100M | $36M | $979M | 8.6x |
Believe Public Comps
Believe is no longer listed, but its public comps include TF1, Groupe M6, Visual China Group, Emtek, Shanghai Film Group, Hengdian Entertainment, Vivendi, Alibaba Pictures Group, Webtoon and Alpha.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $2.6B | $757M | 0.5x | 0.5x | 1.6x | 2.1x | |||
| $1.4B | $337M | 1.2x | 1.2x | 5.3x | 6.3x | |||
| $116M | $21M | 13.9x | 14.6x | 75.6x | 38.9x | |||
| $1.1B | $543M | 1.2x | 1.2x | 2.4x | 13.4x | |||
| $137M | $42M | 10.8x | 13.1x | 35.6x | 51.1x | |||
| $343M | $78M | 4.5x | 5.5x | 20.0x | 19.5x | |||
| $354M | $161M | 8.9x | 8.7x | 19.6x | (216.0x) | |||
| $1.2B | $133M | 0.7x | 0.7x | 6.2x | 6.0x | |||
This data is available for Pro users. Sign up to see all Believe competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Believe
| When was Believe founded? | Believe was founded in 2005. |
| Where is Believe headquartered? | Believe is headquartered in Paris, France. |
| Is Believe publicly listed? | No, Believe was acquired by EQT and TCV in February 2024. |
| Who acquired Believe? | Believe was acquired by EQT and TCV in February 2024. |
| How much was Believe acquired for? | Believe was acquired for $1.6B in February 2024, a 1.5x revenue multiple. |
| What is Believe's valuation? | Believe was last valued at $1.7B in its Series C in November 2019. |
| How much funding has Believe raised? | Believe has raised $210M across 2 funding rounds. |
| What was Believe's last funding round? | Believe's last funding round was a $150M Series C in November 2019, led by TCV. |
| Who are Believe's investors? | Believe's investors include Ventech, TCV, XAnge and GP Bullhound. |
| Which companies are comparable to Believe? | Companies comparable to Believe include Create Music Group, S!NG, Songtradr, SM Entertainment, Kakao M and Saregama India. |
| How many companies has Believe acquired? | Believe has acquired 9 companies, including ampd Method, Sentric Music, Think Music, DMC Music Company and Canvas Talent. |
| What was the largest acquisition by Believe? | The $51M acquisition of Sentric Music in March 2023 is the largest acquisition Believe has made to date. |
| How many companies has Believe invested in? | Believe has invested in 2 companies, including Iba Halal Care and Ohsogo. |
| What was Believe's last investment? | In November 2022, Believe invested in Iba Halal Care's $10M Series B. |
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