Soundsupply, a Chicago, IL-based music startup, secured seed funding from venture capital ļ¬rm Lightbank.
The amount of the deal was not disclosed.
The company intends to use the capital to expand its product and its “10 Albums for $15” concept and include more frequent Drops and new genres like hip hop and folk.
Co-founded in 2012 by brothers Tim Mortensen and Eric R. Mortensen, Soundsupply offers a music deal and discovery site that curates a collection of albums called “Drops”) of both emerging and known artists. Those albums are then digitally delivered in DRM-free packages containing both MP3 and FLAC formats and a digital magazine.
Each Drop goes on sale for a limited time, with added bonuses for sharing your purchase with a friend on Facebook or Twitter. Past Drops have included artists like Hellogoodbye, Circa Survive, Andrew Dost (of FUN.) and John Frusciante of Red Hot Chili Pepper’s fame.
This represents Lightbank’s ļ¬rst investment in the music space.
FinSMEs
29/03/2013