beatBread, a Utah-based music funding platform, raised $34M in funding.
The round, which extended fundraising to date to over $34m, was led by Deciens Capital, with participation from Afore Capital, Angel Ventures, IAG Capital Partners, Mucker Capital, Pandeavor Ventures, Octane Lending CEO Jason Guss, Pier Capital, and Westrie Capital.
The company intends to use the funds to grow and offer access to flexible capital to more artists.
Led by CEO Peter Sinclair, beatBread is a music and finance company that empowers artists to take control of their careers without giving away ownership of their music or their decision-making power. Since its launch in November 2020, the company has made more than 300 advances to artists and labels across multiple genres, six continents, and a broad range of career stages. Advances offered through beatBread range from as little as $1,000 to as much as $2 million per artist. Artists receive funding in exchange for a limited share of existing catalog revenues, with options also available for advances against unreleased music. All advances are repaid from a share of an artist’s streaming and airplay revenues, over a period of the artist’s choosing. Advance agreements leave touring, publishing, synch, and merchandise revenue streams untouched, and do not place any restrictions around how funds are used, thus leaving the choice of marketing and distribution partner in the artist’s own hands.
The company also has offices in Los Angeles, Miami, and New York.
FinSMEs
10/02/2022