Joint paywall platform Piano Media announced today that it has acquired €2 million in growth capital from 3TS Capital Partners’ Technology in Central and Eastern Europe Fund, according to a press release. Piano will use the investment to expand its global development and marketing efforts, the release said.
Launched in Slovakia in May 2011 and later expanded to Slovenia in January 2012, Piano Media is an online subscription-based payment service that groups major media outlets into a national paywall, as we previously reported. Currently, 20 publishers with 60 news websites participate in the Piano Media system, according to the release.
Piano Chief Executive and Founder Tomáš Bella said in the press release, “Our €300,000 seed funding, raised in 2011, enabled us to launch in two countries and prove Piano’s model works. This deal represents the next step in Piano’s growth; helping speed our expansion, recruit top talent, ramp up our marketing, broaden our sales channels and keep improving our software.”