Funding provided by Citi, Deciens, Mucker Capital, Advantage Capital and GMO
beatBread (www.beatBread.com), the leading music funding platform, today announced it has secured an additional $124 million in credit and equity capital as it continues to scale. The company will deploy the capital to expand its sales, marketing and product operations, while providing even more flexible funding to artists, writers and independent label clients.
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Citi,Deciens Capital, Mucker Capital, Advantage Capital and additional strategic investors participated, providing equity investment to enable beatBread to expand on its mission, staffing and resources toempower artists, independent labels,distributorsand songwriterswith more choices, and better funding.
The new investment will further expand beatBread's ability to scale its proprietary technology and deepen partnerships with distributors, managers and the broader music industry. Additional credit funding to power artist, writer and label funding was provided byGMO, along with existing and new credit partners.
“At beatBread, we're building a financial foundation for true artist and label independence,” said Peter Sinclair, CEO of beatBread. “By giving creators more choice, more access, and more control, we're helping them stay independent on their own terms. We believe in a future where artists and independent labels have the power and freedom to shape their own success, compare multiple funding options from multiple funding sources, and make the choice that's right for them, whether it's funding from beatBread, a partner or even a competitor.”
Since its launch in2020, beatBread has funded artist and label clientson six continents, with funding amounts ranging from$1,000 to over $10 million. beatBread providesfundingon existing catalog as well as new and unreleased music, providing growth capital for clients across the music industry.
Citi invested through its Spread Products Investment in Technologies (SPRINT) team, which makes strategic equity investments in start-ups in specialty lending, alternative investment and real estate.
Lee Smallwood, Citi's Head of Markets Innovation and Investments said, “We're excited to support beatBread as they empower independent artists with tech-driven financing solutions. This investment also marks a meaningful step in our exposure to music royalties as a reemerging asset class.”
beatBread investor Paul Steele, Executive Partner at Triple 8 Management commented, “At Triple 8, we believe artists should be able to create and release the music they want, the way they want. beatBread gets that in everything it does. They give artists, managers and labels greater clarity, control, and fair terms. That's important in a business where so many people are trying to be anything other than transparent. Every day we see the power of what they've built, and that's why we're not just using beatBread, but I'm personally actively investing in the company as a whole.”
beatBread's funding platform is open and transparent, offeringartists, writers and indie labels the ability to customize term length, recoupment rates and other terms, while retaining choice of their distribution and marketing partners. Some clients may choose to sell their catalogs throughbeatBread, buteveryone is presented with funding options that enable them to retain ownership of their music. Qualifying artists and labels will receive offers from multiple distribution and finance companies through beatBread'sFunding Network, and can leverage beatBread's Deal Comparison Tool™ to compare offers and make smart funding decisions.
For more information on beatBread, visit www.beatbread.com
Contact:
Dylan JonesTel: 718-687-8994dylan@boldsquare.com
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SOURCE beatBread
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