According to reports, MusiXmatch, a Bologna, Italy-based mobile song’s lyrics platform, raised $5m in a Series B funding round.
According to reports, the round is comprised of a capital increase of €3m from new investors and a conversion of a previous note from Micheli Associati and Paolo Barberis.
New backers include Programma 101 (P101), United Ventures, Paolo Basilico, Kairos Partner CEO, and Roberto Condulmari, former Kairos Partner. In conjunction with the funding, Denzyl Feigelson, joined MusiXmatch’s board.
Founded in 2010 by CEO Max Ciociola, COO Gianluca Delli Carri, Francesco Delfino, Giuseppe Costantino and Valerio Paolini, musiXmatch provides a mobile app that lets people match their music library with lyrics.
It currently features more than 7 million lyrics in 38 langauges enjoyed by more than 20 million users.
The company, which also provides an Official Lyrics API that allows 3rd party companies and apps to use its lyrics catalog, has worldwide agreements with Sony/ATV ,Warner Chappell, Universal Music Publishing Group, EMI Publishing, BMG rights, Chrysalis, Kobalt Publishing, Harry Fox Agency, PeerMusic
musiXmatch employs 24 people in its offices in Bologna, London and NY and is still hiring.