Photo Credit: beatBread
Funding platform beatBread secures an additional $124 million in credit and equity capital in its effort to provide more flexible funding to artists.
Leading music funding platform beatBread has announced securing an additional $124 million in credit and equity capital as it continues to scale. The company will use the capital to expand its sales, marketing, and product operations, while providing more flexible funding to artists, writers, and independent label clients.
Strategic investors who took part include Citi, Deciens Capital, Mucker Capital, and Advantage Capital. These and more provided equity investment to enable beatBread to expand on its mission, staffing, and resources to empower artists, independent labels, distributors, and songwriters with 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 by GMO, 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 in 2020, beatBread has funded artist and label clients on six continents, with funding amounts ranging from $1,000 to over $10 million. The company provides funding on existing catalogs 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 speciality lending, alternative investment, and real estate.
“We’re excited to support beatBread as they empower independent artists with tech-driven financing solutions,” said Lee Smallwood, Citi’s Head of Markets Innovation and Investments. “This investment also marks a meaningful step in our exposure to music royalties as a reemerging asset class.”
Paul Steele, Executive Partner at Triple 8 Management and a beatBread investor, 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 platform is open and proudly transparent, offering artists, 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 through beatBread, but everyone 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’s Funding Network. They can leverage its Deal Comparison Tool to compare offers and make smart funding decisions.
Content shared from www.digitalmusicnews.com.