Sound, a San Francisco, CA-based Web3 music platform provider, raised $20m in Series A funding.
The A round was led by a16z crypto, with participation from Palm Tree Crew, Scalar Capital, A Capital, Collab + Currency, Sound Ventures, Coop Records, Archetype, Crush Ventures, Coinbase, Snoop Dogg, Ryan Tedder, Tay Keith, Paul Rosenberg amongst others.
The company intends to use the funds to expand operations and its business reach following their launch to the public.
Led by David Greenstein, Sound leverages Ethereum and layer 2 scaling solution Optimism to provide a Web3 platform that enables artists to mint their songs as NFTs to sell directly to fans.
Through Sound, artists can:
- upload songs onchain and maintain complete creative control over how to release their music
- decide how to value their catalog
- own the relationship with their audience, without the middlemen
- instant, accurate, and transparent payments every time a fan collects their song
- receive 100% of earnings and retain 100% of master and publishing rights
Every music listener is a curator on Sound, whether through collecting music or making playlists. Fans get rewarded for actively participating in the ecosystem and creating signal for other listeners. On Sound, music lovers get credit for discovering new music.
As a music fans on Sound’s web and mobile app, users can:
- discover new music releases by rising independent artists
- collect music
- leave permanent comments on songs they collect
- gain access to group chats with artists and other collectors, amongst other rewards and experiences
- earn money by making playlists and sharing links to their favorite songs
FinSMEs
17/07/2023