Weeknd-backed customized songwriting startup Songfinch raises $17M in Collection A
Songfinch, a startup that lets folks create customized songs by discovering and collaborating with skilled artists, raised $17 million in a Collection A funding spherical, led by Valor Siren Ventures.
This newest spherical brings the corporate’s complete funding thus far to $21.8m, following a earlier spherical of $4.8m in April led by Corazon Capital, which additionally participated on this new spherical. A collection.
Along with Corazon, many strategic buyers joined the April spherical, together with music icon Quincy Jones and music superstars Abel “The Weeknd” Tesfaye and Amala “Doja Cat” Dlamini.
In accordance Songfinch web sitethe platform enables you to select the model and temper of a tune in addition to share “tales and recollections”, which one of many firm’s hand-picked artists makes use of to create customized lyrics.
The corporate then guarantees to write down, document and ship a customized tune for $199. Songfinch claims its artists have delivered 130,000 songs thus far.
Songfinch states in a press launch that it “works to create a center class of musicians” and does so “by enabling artists to pursue their skilled goals and receives a commission to take action.”
The corporate says its income over the previous three years has elevated by greater than 27,000%, and greater than $12 million has been paid out to Songfinch artists up to now 12 months alone.
Songfinch says the typical artist on Songfinch earns round $25,000 a yr, with 15% of the group of artists energetic on its platform “over $50,000” and “tens of over six-figure annual earnings”. .
The platform claims to expertise a 95% artist retention fee and 200% year-over-year artist progress from 2021 to 2022.
“We now have an formidable roadmap and this new funding will assist us proceed to guide the cost in reinventing the creator-customer relationship.”
John Williamson, Songfinch
John Williamson, CEO of Songfinch, mentioned, “We now have an formidable roadmap and this new funding will assist us proceed to guide the cost in reimagining the connection between creator and buyer.
“Our primary targets with Songfinch are twofold; to supply everybody the chance to create and share their life experiences via music and to provide artists a greater alternative to earn a dwelling in an trade that has routinely made this unlikely.
“The corporate’s speedy progress and mission-aligned staff create alternatives for musicians and convey pleasure to shoppers via one-of-a-kind customized songs.”
Jon Shulkin, Valor Fairness Companions / Valor Siren Ventures
Jon Shulkin, Co-Chairman of Valor Fairness Companions and Fund Supervisor for Valor Siren Ventures, mentioned, “We’re grateful to associate with the Songfinch staff and are absolutely aligned with the corporate’s mission to raise the usual of dwelling for musicians because of a secure and dependable system. supply of revenue.
“The corporate’s speedy progress and mission-aligned staff are creating alternatives for musicians and bringing pleasure to shoppers via one-of-a-kind customized songs.
“We imagine Songfinch is nicely positioned to drive the trade ahead and are excited to work with your complete staff to help their ambitions.”
“Corazon Capital seeks to again brave founders who’re making a distinction on the earth and the Songfinch staff epitomizes that.”
Sam Yagan, Corazon
Sam Yagan, Co-Founder and Managing Director of Corazon Capital, mentioned, “Corazon Capital seeks to help brave founders who’re making a distinction on the earth and the Songfinch staff epitomizes that.
“By empowering musicians to pursue their passions and connecting family and friends via highly effective emotional experiences, Songfinch has modified the lives of 1000’s of artists and clients. We all know Songfinch will proceed to alter folks’s lives via to the ability of music and we’re excited to reinvest on this subsequent chapter.
