Music licensing technology platform Songclip has closed an $11 million funding round led by Gregg Smith of Evolution VC Partners.
Songclip has patented a technology solution for integrating popular licensed music as a feature in social apps.
Founded by former Bandsintown and Zynga execs, Songclip has raised $22m to date.
This new raise includes participation by The Kraft Group, Michael Rubin, Raised in Space, Gaingels, and Forefront Venture Partners.
Additionally, joining previous investors such as iHeartMedia Ventures, SWAT Equity Partners and Northwood Ventures, are the band AJ, as well as industry executives Jason Flom and S-Curve Records founder Steve Greenberg, who is leaving BMG after selling S-Curve to BMG back in 2015 .
Songclip says that the new investment will be allocated to further developing its product offerings and search engine, data analytics and deployment of the API.
The company will also be recruiting additional talent to grow its current team of music, mobile, and product execs.
Songclip works on behalf of the music industry to supply back-end technology and licensing to facilitate music integrations, compliance, measurement and monetization across a variety of consumer app sectors.
Offering a curated feed of legally cleared music clips, inclusive of publishing and sync rights, the company’s multi-patented product solution, the Songclip API, integrates into social platforms, mobile apps, and virtual marketplaces.
Songclip claims to operate the “world’s foremost searchable library of compliant meta-tagged music clips”.
“Songclip unlocks this new global opportunity, with turn-key technology and industry support.”
Gregg Smith, Evolution VC Partners
“Social communication and expression represents one of the most exciting sectors for the music industry,” said Gregg Smith, Founder, Evolution VC Partners.
“Songclip unlocks this new global opportunity, with turn-key technology and industry support.”
“Songclip’s mission is to protect music industry IP on behalf of the rights holders, while creating a pathway for apps to innovate with music.”
Andy Blacker, Songclip
Andy Blacker, Co-Founder and CEO, added: “Songclip’s mission is to protect music industry IP on behalf of the rights holders, while creating a pathway for apps to innovate with music.
“Music has become the most sought-after feature for dating, photo and fitness apps, and Songclip makes this possible, with accountability and industry compliance.”
“Songclip reimagined music in a new format designed specifically for social expression, discovery and creation.”
John vanSuchtelen, Songclip
John vanSuchtelen, Co-Founder and COO, said: “Songclip reimagined music in a new format designed specifically for social expression, discovery and creation.
“Our API and proprietary search engine make it easy for developers to leverage these key moments in any song, allowing for richer consumer interactions.”
“Songclip’s platform allows the music industry to meet this ballooning demand and generate a significant revenue stream that has traditionally simply been untapped.”
Zach Katz and Shara Senderoff, Raised In Space
Zach Katz, Partner and CEO and Shara Senderoff, Partner and President, Raised In Space, said: “The time has come that the demand for music integration from the countless digitally native companies can no longer be met by the licensing frameworks currently utilized by the music industry.
“Leaving money on the table is simply not an option for music creators and rights holders.
“Songclip’s platform allows the music industry to meet this ballooning demand and generate a significant revenue stream that has traditionally simply been untapped.”Music Business Worldwide