French free on-demand music portal Deezer has raised EUR 6.5 million from AGF Private Equity and CM-CIC Capital Prive. This second fund-raising brings the company's total working capital to EUR 12.2 million since its creation in August 2007. The company's founders, Jonathan Benassaya and Daniel Marhely, said the funds would be used to continue Deezer's growth using state-of-the-art models in all European countries. Deezer has over 10 million users in Europe, including 6 million in France, and over 1 million downloads of its mobile phone apps. AGF Private Equity partner Guillaume Lautour is joining Deezer's board of directors. Deezer has also announced the creation a parent company, Odyssey Music Group, which will support production activities and some technological developments, especially those linked to mobility.
