Cloud-based music creation and collaboration platform Splice has just raised $57.5 million in a Series C funding round.
Among the platform’s backers are (existing investors) Union Square Ventures and True Ventures, who are joined by DFJ Growth, Flybridge, Lerer Hippeau, LionTree, Founders Circle Capital – and Matt Pincus, founder of SONGS Music Publishing.
Pincus founded SONGS in 2004 and went on to sign the likes of Lorde, Diplo / Major Lazer and many others, before selling the independent company to Kobalt Capital Ltd (KCL) for circa $160m in December 2017.
Last June MBW reported that Pincus was back in business, taking up roles as a Special Advisor at Snapchat and as an Executive in Residence at the above-mentioned media and tech investment & merchant bank, LionTree.
Splice says that it will use the new investment to improve its existing marketplaces and workflow tools, as well as to explore new ideas.
Splice raised a Series B in November of 2017 and in the past year, has partnered with both emerging talent and major artists, from boi-1da, who won a Grammy for Drake’s God’s Plan, and SOPHIE who received a Grammy nomination for Best Dance/Electronic album.
The company also recently released a professional ‘Rent-to-Own’ Digital Audio Workstation for $16.99/month and formed a strategic partnership with industry heavyweight Akai Professional.
In addition to the new funding, Splice also announced that it has paid $15 million in royalties to music creators who distribute their sounds through the company’s artist-to-artist sample service, Splice Sounds, which gives music creators access to a library of over 3m sounds.
Splice has also made a string of recent appointments, including Ryan Walsh as Chief Product Officer.
Walsh previously joined Apple as part of the Beats by Dre acquisition, where he was Vice President of Product, managing design, product development, analytics, and growth.
Chris Acquaviva, former CFO at Marvel Entertainment joins Splice as Chief Financial Officer, while Kavita Vora, former CHRO at Makerbot joins as Chief People Officer.
Walsh, Acquaviva, and Vora join Jonathan Lee, Splice’s Chief Business Officer, Steve Martocci, Splice’s CEO, and Matt Aimonetti, Splice’s CTO to form Splice’s Chief Executive Team.
“It’s an exciting time to be a musician, in no small part because of what Splice is doing to catalyze creativity through new technology and new business models.”
Andy Weissman, Union Square Ventures
Andy Weissman, managing partner at Union Square Ventures said: “It’s an exciting time to be a musician, in no small part because of what Splice is doing to catalyze creativity through new technology and new business models.
“We’ve believed in Splice since day one and are doubling down five years after our first investment to bring the vision to life.”
Ryan Walsh, Splice
Ryan Walsh, added: “We’ve built an incredible portfolio of marketplaces and products that serve all people who make music – from Grammy award winners to kids in their bedrooms.
“This investment allows us to evolve those products and take several huge leaps toward a creatively and financially healthier music culture. Our focus on supporting musicians will not waver. And we have some big, meaningful surprises in store for them.
“We know and trust these investors – they share both our commitment to building a product and company that is good for musicians and share our big vision in continuing to transform the way musicians create, connect, collaborate, and make money.”
Steve Martocci, Splice
Splice co-founder and CEO Steve Martocci said: “Splice is truly becoming a platform for the millions of musicians we dreamed of when we first started building it.
“We know and trust these investors – they share both our commitment to building a product and company that is good for musicians and share our big vision in continuing to transform the way musicians create, connect, collaborate, and make money. This funding will help bring that vision into reality.”Music Business Worldwide