Stockholm-based self-service music licensing platform Freshsound has raised €2 million ($2.2 million) in its seed round of funding.
The new funding round comes less than a year after it attracted €1.3 million in its pre-seed round.
The latest investment round was led by Zenith Venture Capital and Aligned, and backed by a group of investors with expertise in music, innovation, product development and sales.
They include Erik Segerborg (investor and former Executive at Hemnet and Avito), William Olsson (Movie Producer and Director) and existing investors Gustav Nordlindh (Founder and CEO at Royal Streaming), Kristina Tunkrans (former lawyer and copyright expert), and Shiv Prakash (former Vice President of the Investment Team at Hipgnosis Song Management).
Freshsound’s early backers include Marcus Konstantino (Partner, HDR Partners), Kim Fai Kok and Dara Gill (Framtid).
The new funds will support Freshsound in its next phase of development as the company aims to lead the commercial music licensing market for more impactful commercials, branded content, films, TV and games.
Freshsound said the fund will also support it as it seeks to go global, while continuing to grow in its home market.
Founded in 2021 by Stephen Gyasi and Sara Larsson, Freshsound’s self-serve licensing platform enables content creators within commercials, films, TV and gaming to create content with commercially-focused music from its original music marketplace.
The company claims this simplifies the process as it eliminates the friction of negotiating, and “helps music creators earn a better living” from their work.
“This investment round will help Freshsound to build its pool of professional storytellers in advertising and production, increasing the potential for music creators to make money and for the content creators to make even more impactful content.”
Stevie Gyasi, Freshsound
“Our investors recognize the importance of our mission to transform the rights process for commercial music. This investment round will help Freshsound to build its pool of professional storytellers in advertising and production, increasing the potential for music creators to make money and for the content creators to make even more impactful content. We’re excited to continue on our journey into the next phase and bring more users to our cause,” said Freshsound CEO Stevie Gyasi.
Caroline Cronstedt, Co-founder and Head of Investments, Zenith Venture Capital, added: “Freshsound has a dynamic plan to build its network of customers, and this investment will help them to achieve their goals and change the way in which licensing of commercial music is done today – while helping artists to be more self-sufficient.”
The investment comes amid increased investor interest in music licensing startups. In June 2022, AI-based music licensing startup Songistry raised $5 million in funding.
And in May 2022, Sony Music Entertainment joined a $7.5 million series A financing for royalty-free music startup Slip.stream.
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