Songfinch, a startup that enables people to create custom songs by discovering and collaborating with professional artists, has raised $17 million in Series A funding round led by Valor Siren Ventures.
This latest round brings the company’s total funding to date to $21.8 million, following a seed round in April led by Corazon Capital, which also participated in this new Series A round.
In addition to Corazon, a number of strategic investors, including music icon Quincy Jones, music superstars Abel “The Weeknd” Tesfaye and Amara “Doja Cat” Dlamini, have raised seed rounds in April. participated in.
According to Songfinch’s website, the platform not only lets you choose the style and mood of your song, but also lets you share “stories and memories” that one of the company’s handpicked artists uses to create personalized lyrics. I can do it.
The company then promises to write, record and distribute the custom song for $199. According to Songfinch, the company’s artist has distributed 130,000 of his songs to date.
In a press release, Songfinch said, “We aim to create middle-class musicians by enabling artists to pursue their professional dreams and be rewarded for doing so.”
The company claims that its revenue has increased by more than 27,000% over the last three years and over $12 million has been paid out to Songfinch artists in the last 12 months alone.
According to Songfinch, the average Songfinch artist earns about $25,000 a year, with 15% of the active artist community “on the pace of $50,000 or more” and “over six figures in annual income.”
The platform claims to see 95% artist retention and 200% year-over-year artist growth from 2021-2022.
“We have an ambitious roadmap and this new funding will help us continue to take the lead in reimagining the relationship between creators and customers.”
John Williamson, Songfinch
Songfinch CEO John Williamson said:
“Songfinch has two main goals: to give everyone the opportunity to create and share their life experiences through music, and to give artists a way to make a living from an industry that routinely makes it impossible. provide better opportunities for
The company’s rapid growth and mission-aligned team creates opportunities for musicians and delights consumers through unique custom songs. ”
Jon Shulkin, Valor Equity Partners/Valor Siren Ventures
Jon Shulkin, co-president of Valor Equity Partners and fund manager of Valor Siren Ventures, said: source of income.
“The company’s rapid growth and mission-aligned team create opportunities for musicians and delight consumers through unique custom songs.
“We believe Songfinch is well positioned to move the industry forward and look forward to working with the entire team to support their ambitions.”
“Corazon Capital aims to support courageous founders who make a difference in the world, and the Songfinch team embodies that.”
Sam Yagan, Corazon
Sam Yagan, co-founder and managing director of Corazon Capital, said:
“Songfinch has changed the lives of thousands of artists and customers by enabling musicians to pursue their passions and connecting friends and family through powerful emotional experiences. We know it will continue to change, and we’re excited to reinvest in this next chapter.”
global music business