Turntable Labs Inc., the company behind the upcoming social music platform Hangout, has secured seed funding totaling $8.2 million to fuel its launch.
The round was led by investors including Founders Fund, Elizabeth Street Ventures, 468 Capital, and f7 Ventures, a firm led by former Facebook executives. Michael Guimarin, CEO of WordOut, also contributed as an angel investor.
The announcement comes more than a year after Turntable Labs revealed it had raised $7 million in an earlier seed round. At the time, the company indicated that the funds would be used to develop a “new social music platform.”
Notably, Founders Fund, f7 Ventures, Michael Guimarin, and Simon Oxley were among the investors in the previous round.
The latest financial boost comes as the company prepares to publicly launch Hangout later this year. The company says the platform is designed to bring music fans, coworkers, and other communities together in a virtual space where they can DJ, listen, and interact.
“We’re thrilled to support Hangout as it leads the way in this next evolution of social music, paving the path for a new era of digital community.”
Florian Leibert, 468 Capital
Hangout is the brainchild of Joseph Perla, who helped develop music service Turntable.fm. With Hangout, Perla aims to realize the vision he had for social listening over a decade ago. The platform is designed with a “positive-sum” approach, aiming to facilitate “joyful” and “meaningful social experiences online,” Perla said.
“Music needs more and more compelling ways to reach people and bring them together. Hangout accomplishes both, as one of the first truly participatory places online for music enjoyment and real-time social interaction,” added Perla.
Turntable Labs said Hangout’s game-like features address “the missing layer of excitement and connection,” which it claims most virtual social experiences lack. With Hangout, users can take control of virtual DJ booths to spin tracks for their friends and others, participate in themed public rooms, and use custom avatars to dance and interact.
The platform also offers voice chat, mobile apps for iOS and Android, and enhanced social features.
“We’re thrilled to support Hangout as it leads the way in this next evolution of social music, paving the path for a new era of digital community,” said Florian Leibert of 468 Capital.
“In an era where digital connections are increasingly central to our lives, Hangout is at the forefront of revolutionizing how we experience music online. By combining music with social interaction, it offers a new way to build shared experiences and strengthen community bonds online.”
The $8.2 million investment will be used to expand Hangout’s engineering infrastructure and support millions of users across its various features and events, Turntable Labs said.
The company said it is working closely with partners in the music industry to ensure the platform is fully licensed and ready for its public launch later in 2024. Fans can sign up for the invite-only beta and get on the waitlist as the official launch approaches.
Earlier this year, Hangout partnered with blockchain-based music streaming fraud detection company Beatdapp to combat streaming fraud.
The collaboration seeks to prevent fraudulent activity on the Hangout FM platform, aiming to protect artists and ensure they receive fair compensation for their work.
Music Business Worldwide
