Nashville-based tech-enabled production music startup Soundstripe has earned additional financing of $2 million from Craft Ventures. Soundstripe, which launched in 2016, is a provider of unlimited, royalty-free music for video. The company’s subscription model allows video producers to pay a fee for usage of the music in Soundstripe’s catalog. That music is created by a Soundstripe-employed group of composers, mix engineers, songwriters, and producers. Via this model, more than 2 million licenses have been issued for tens of thousands of customers in more than 130 countries.
The $2 million in financing comes a few months after Soundstripe raised a $4 million Series A investment.
Craft Ventures 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 teams who are creating market-defining products, including eSports favorite Cloud9, among many others.
The additional $2 million from Craft will allow Soundstripe to continue expanding its presence in the production music space. 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.”
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