Music tech startup Songfinch has secured $17 million, closing a Series A funding round that amplifies its efforts to create a "middle class of musicians," Built In Chicago reports.
Songfinch is one of a handful of music startups aiming to change how independent musicians are compensated for their work.
"The industry tends to be a star-driven league and the top two percent get a chance to participate and eat most of the dollars in the industry while the other 98 percent struggle and fight for scraps,” John Williamson, CEO of Songfinch told Built In Chicago.
The goal of Songfinch's online marketplace is to provide artists with a hub where consumers can commission them to create custom songs. The platform allows users to choose a style, mood and other custom elements for musicians to produce bespoke tracks at a base price of $200. Over the past year, the company has paid out over $12 million to its artists, each of whom make roughly $25,000 a year on average.
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Led by Valor Siren Ventures, Songfinch's latest round of funding brings the company’s total to $21.8 million in venture capital. The new round will primarily be used to add staff to expand Songfinch's product and technology, according to Axios. The Weeknd, Doja Cat and legendary musician contributed to the company's $5 million seed round.
"We have an ambitious roadmap and this new funding will help us to continue leading the charge in reimagining the creator and customer relationship," Williamson added. "Our primary goals with Songfinch are twofold; to provide an opportunity for anyone to create and share their life experiences through music and to give artists a better opportunity to earn a living from an industry that has routinely made that improbable."
Find out more about Songfinch here.