Music Tech Startup Songfinch Raises $17 Million to "Create a Center Class of Musicians"
Music tech startup Songfinch has secured $17 million, closing a Sequence A funding spherical that amplifies its efforts to create a “center class of musicians,” Built In Chicago experiences.
Songfinch is certainly one of a handful of music startups aiming to alter how unbiased musicians are compensated for his or her work.
“The trade tends to be a star-driven league and the highest two % get an opportunity to take part and eat a lot of the {dollars} within the trade whereas the opposite 98 % battle and battle for scraps,” John Williamson, CEO of Songfinch advised Constructed In Chicago.
The objective of Songfinch’s on-line market is to offer artists with a hub the place customers can fee them to create customized songs. The platform permits customers to decide on a mode, temper and different customized parts for musicians to provide bespoke tracks at a base worth of $200. Over the previous yr, the corporate has paid out over $12 million to its artists, every of whom make roughly $25,000 a yr on common.
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Led by Valor Siren Ventures, Songfinch’s newest spherical of funding brings the corporate’s whole to $21.8 million in enterprise capital. The brand new spherical will primarily be used so as to add employees to develop Songfinch’s product and know-how, based on Axios. The Weeknd, Doja Cat and legendary musician contributed to the corporate’s $5 million seed round.
“We’ve an formidable roadmap and this new funding will assist us to proceed main the cost in reimagining the creator and buyer relationship,” Williamson added. “Our main targets with Songfinch are twofold; to offer a possibility for anybody to create and share their life experiences by means of music and to provide artists a greater alternative to earn a residing from an trade that has routinely made that inconceivable.”
Discover out extra about Songfinch here.