The music industry is one of two realities; top artists live the glamorous lifestyles depicted in movies, and indie musicians often struggle to make ends meet. Before becoming a tech entrepreneur, Chantfinch Founder and CEO John Williamson spent many years working in the music industry and witnessed the inequity firsthand.
“The industry tends to be a star-driven league and the top two percent get to participate and eat most of the industry’s dollars while the other 98% struggle and fight for the scraps. “Williamson told Built In.
With his startup, Williamson has shaken up the industry and helped independent musicians make a living from their talent. On Thursday, his company secured $17 million in a Series A funding round led by Valor Siren Ventures.
Founded in 2016, Songfinch is an online marketplace where customers can order custom songs from independent artists who have been recruited and verified by Songfinch. The platform has over 1,800 musicians spanning different genres, giving customers a variety of options to choose from to bring their custom creations to life.
The main offer of the company is a song with two verses and a chorus which starts at $200. Customers can also choose to purchase additional verses and other services such as uploading their song to streaming services or converting a CD or vinyl.
In addition to allowing consumers to participate in the music creation process, Songfinch also wants to create a middle class of musicians. According to Williamson, this involves helping independent musicians make a living from their talent and passion for music without necessarily having to perform to sold-out stadiums or be a high-profile celebrity. With Songfinch, Williamson is working to make that a reality.
According to the company, in the past 12 months, it has paid artists more than $12 million for their work through the Songfinch platform, and the average artist on the platform earns around $25,000 a year creating custom songs. for the customers.
“We‘re-inject dollars into [artists’] pocket that allows them to quit their jobs and work outside of music and just focus on music,” Williamson said. “I do not have any‘I do not think about it‘It’s any other platform where you can generate those types of dollars without already having an established fanbase.
Funds from the last round will be used to continue supporting artists. To do this, Williamson said Songfinch is looking to expand its team which currently employs around 70 people. By investing in the team, the startup will be able to continue building the Songfinch platform and also recruit more artists.
“We have an ambitious roadmap and this new funding will help us continue to lead the charge in reimagining the creator and customer relationship,” Williamson said. “Our primary goals with Songfinch are twofold: to provide everyone with the opportunity to create and share their life experiences through music and to give artists a better opportunity to earn a living in an industry that has routinely made that unlikely.”
Before the Series A round, Chantfinch raised $5 million seed round. Since then, the company has made several additions to the platform, such as integrating a buy-it-now and pay-later service. He plans to add more offerings in the future.
Songfinch’s total venture capital funding now stands at $21.8 million.