Mixcloud has announced that it has raised $11.5 million of new funding from media and technology holding company WndrCo.
The money will be used to expand the Mixcloud business internationally, hire new staff and find new ways to monetise the audio-sharing platform that is mainly focused on music mixes and radio shows.
As part of the deal, two partners in WndrCo will join the Mixcloud board of directors, former DreamWorks Animation president Ann Daly and artist manager Anthony Saleh.
“WndrCo is the ideal partner for Mixcloud”, says the firm’s co-founder Nikhil Shah. “They are highly accomplished, and they are true operators with experience at some of the world’s leading media, entertainment and tech companies. We are excited that they share our long-term vision of what we are building, and to have them as a strategic partner for our next phase”.
Saleh adds: “We at WndrCo couldn’t be more excited about coming together with the Mixcloud team and building on-top of the great foundation they already have in place. We believe that the market opportunity, quality of the product, and the fantastic team make for a very special future for Mixcloud”.
Last year, Mixcloud – which previously licensed music rights mainly via the collecting societies – announced a direct deal with Warner Music, to cover tracks controlled by the major that appear in mixes and shows uploaded to the platform. Negotiations with Sony and Universal are thought to be ongoing.[from https://ift.tt/2lvivLP]