Songfinch, a startup that lets people create custom songs by discovering and collaborating with professional artists, has raised $17 million in a 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 previous $4.8 million seed round in April led by Corazon Capital, who also participated in this new Series A round.
In addition to Corazon, numerous strategic investors joined April’s seed round including music icon Quincy Jones and music superstars Abel ‘The Weeknd’ Tesfaye and Amala ‘Doja Cat’ Dlamini.
According to Songfinch’s website, the platform lets you choose the style and mood of a song as well as share “stories and memories”, which one of the company’s curated artists use to create personalized lyrics.
The company then promises to have a custom song written, recorded and delivered for $199. Songfinch says its artists have delivered 130,000 songs to date.
Songfinch says in a press release that it “strives to create a middle class of musicians” and does so “by enabling artists to pursue their professional dreams and get paid for doing so”.
The company claims that its revenue over the last three years has grown over 27,000%, and that more than $12 million has been paid to Songfinch artists over the past 12 months alone.
Songfinch says that the average artist on Songfinch earns about $25,000 per year, with 15% of the active artist community on its platform “pacing more than $50,000” and “dozens more above six figures in annual earnings”.
The platform claims to be seeing a 95% artist retention rate and 200% year-over-year artist growth from 2021 to 2022.
“We have an ambitious roadmap and this new funding will help us to continue leading the charge in reimagining the creator and customer relationship.”
John Williamson, Songfinch
John Williamson, CEO of Songfinch, said: “We have an ambitious roadmap and this new funding will help us to continue leading the charge in reimagining the creator and customer relationship.
“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.”
“The company’s rapid growth and mission-aligned team are creating opportunities for musicians and delivering joy to consumers through one-of-a-kind custom songs.”
Jon Shulkin, Valor Equity Partners / Valor Siren Ventures
Jon Shulkin, Co-President of Valor Equity Partners and Fund Manager for Valor Siren Ventures, said: “We are grateful to partner with the Songfinch team and are completely aligned with the company’s mission to raise musicians’ standard of living through a steady, reliable source of income.
“The company’s rapid growth and mission-aligned team are creating opportunities for musicians and delivering joy to consumers through one-of-a-kind custom songs.
“We believe that Songfinch is well-positioned to move the industry forward and we are excited to work with the entire team to support their ambitions.”
“Corazon Capital looks to back courageous founders making a difference in the world and the Songfinch team is the embodiment of that.”
Sam Yagan, Corazon
Sam Yagan, Corazon Capital co-founder & Managing Director, said: “Corazon Capital looks to back courageous founders making a difference in the world and the Songfinch team is the embodiment of that.
“By empowering musicians to pursue their passions and connecting friends and family through powerful emotional experiences, Songfinch has changed the lives of thousands of artists and customers. We know that Songfinch will continue to change people’s lives through the power of music and we are thrilled to be reinvesting in this next chapter.”
Music Business Worldwide