The amount of the deal was not disclosed.
The company intends to use the capital to expand its product and its “10 Albums for $15” concept and include more frequent Drops and new genres like hip hop and folk.
Co-founded in 2012 by brothers Tim Mortensen and Eric R. Mortensen, Soundsupply offers a music deal and discovery site that curates a collection of albums called “Drops”) of both emerging and known artists. Those albums are then digitally delivered in DRM-free packages containing both MP3 and FLAC formats and a digital magazine.
Each Drop goes on sale for a limited time, with added bonuses for sharing your purchase with a friend on Facebook or Twitter. Past Drops have included artists like Hellogoodbye, Circa Survive, Andrew Dost (of FUN.) and John Frusciante of Red Hot Chili Pepper’s fame.
This represents Lightbank’s ﬁrst investment in the music space.