The custom song creation platform Songfinch has announced a $17 million Series A funding round. In April 2022, the Chicago startup had an initial funding round of $5 million.
Songfinch was founded in 2016 as an online marketplace to connect customers who need non-standard songs with independent artists. More than 1800 musicians of different genres are represented on the platform. The main offer of the company allows customers to get one song with two verses and a chorus at a price of $ 200. Songfinch CEO John Williamson says the site is aimed at creating a musical middle class that does not exist in the modern industry.
“The industry tends to be a league run by stars, and the top two percent get a chance to participate and earn the most dollars in the industry, while the other 98% struggle and fight for scraps,” Williamson commented in a recent interview for Built. In.
Songfinch has paid its artists more than $12 million over the past 12 months for their work on the platform. The average artist on the platform earns about $25,000 a year by creating their own songs for the platform.
“We pump dollars into [artists’] pockets, which allows them to quit their jobs and jobs outside of music and focus solely on music,” adds Williamson. “I don’t think there is any other platform where you can earn such dollars without having an already established fan base.”
The latest Series A funding will be used to continue supporting artists on the platform. Williamson says the platform hopes to expand its 70-person team to build a platform and attract more artists.
“Our main goals with Songfinch are twofold: to give everyone the opportunity to create and share their life experiences through music, and to give artists the best opportunity to make a living in an industry that used to make it incredible.”
Valor Siren Ventures and Corazon Capital have joined this creative platform funding round. The total amount of Songfinch venture funding currently stands at $21.8 million.