Music startup Songfinch raises $17M Series A
Music tech startup Songfinch has raised a $17 million Series A funding round led by Valor Siren Ventures, its CEO John Williamson tells Axios.
Why it matters: Songfinch is one of the numerous music startups aiming to change how artists are compensated for their work.
- "The way that the music industry operates, the money is unbelievably sporadic and everything is about waiting for the next payday," Williamson said.
Details: The new round brings Songfinch's total funding to $21.8 million.
- Corazon Capital, which led the startup's seed round, also participated in this round.
- The new cash will primarily be used to add staff focused on the product and technology.
The big picture: Songfinch's goal is to build a "middle class of musician" in an industry dominated by the top 2%.
- Williamson says their platform allows aspiring musicians ways of making money and building fan bases without having to dedicate their full-time job to it.
- "I don't care about your followers on social. I don't necessarily care about all of your career accomplishments ... or lack thereof," he said.
By the numbers: Over the past 12 months, Songfinch artists have collectively earned more than $12 million. The average artist makes $25,000 a year, with 15% making more than $50,000.
What's next: Potential partnerships with big labels and publishing groups they met with during the funding round.