Tech-enabled production music startup Soundstripe received an additional $2 million in financing from Craft Ventures, just a few months after raising a $4M Series A Investment. Craft is led by David Sacks, founding COO of PayPal and co-founder/former CEO of Yammer, and Bill Lee, a prominent founder and investor in San Francisco. Craft Ventures invests in outstanding teams who are creating market-defining products, including eSports favorite Cloud9, among many others. This led them to Soundstripe, which was already exceeding 2019 growth expectations, and identified several new opportunities to deploy the additional funding. Soundstripe quickly embraced Craft’s experience, and their credo of “Founders Backing Founders.”
The additional $2 million from Craft will allow Soundstripe to continue expanding its presence even further in the production music space, where its unique subscription model has resulted in over 2 million “micro-licenses” being issued in over 130 countries since its inception in 2016. The funding will also enable the company to invest further in music acquisitions and partnerships, and expand their relationships in that space, especially with producers, songwriters, and engineers.
“This investment by Craft will allow Soundstripe to continue taking tangible steps that give creators the most agile and seamless means to bring content to the consumer, while attracting a wider-reaching subscriber base,” said Travis Terrell, Co-Founder and Co-CEO of Soundstripe. “Our goals are as ambitious as our users’, and we look forward to welcoming more subscribers as we look to expand into the growing podcast segment and international markets.”
“We are impressed with Soundstripe’s growth since its start in 2016,” said Bryan Rosenblatt, principal at Craft Ventures. “Their unique approach to helping creators source high-quality music for film, video, and gaming streams is simple to use, cost-effective, and saves a ton of time. We also share their excitement to expand their team and the products they offer.”
For more information on Soundstripe, visit soundstripe.com.
Soundstripe is one of the industry’s fastest growing providers of unlimited, royalty-free music for video, driven by a unique subscription model that lets video producers pay a fee for usage of the music in Soundstripe’s catalog. That music is created by a team of composers, mix engineers, songwriters, producers, and other music industry professionals employed by the company to ensure that all tracks are of the highest quality. Licenses cover all uses and remain in effect should a video producer choose to cancel their membership or let it expire. This approach has led to over 2 million licenses being issued for tens of thousands of customers in over 130 countries since Soundstripe’s inception in 2016. The company is based in Nashville and has been named one of the city’s Top 10 startup cultures. For more information, visit soundstripe.com