Tracklib has confirmed a new funding milestone.
The Swedish music sampling startup has raised $1.7 million in a new fundraising round. Sony Innovation Fund, WndrCo, and private, early-stage investor Jörg Mohaupt joined in. Mohaupt has previously invested in companies, including Discogs and Amuse. The funding round comes as a preparation for a Series A funding later this year.
Tracklib provides instant licensing of music samples. DJ Khaled’s ‘Holy Mountain’ and J. Cole’s ‘Middle Child’ both feature samples licensed through the Swedish music startup.
Licenses can range between $50 and $2,500. Speaking on the topic of revenue sharing, the company explains,
“Depending on how much of the original song you sample, you share a different percentage of your total revenue. It doesn’t matter for how long you use the sample in your new song – you can loop five seconds for ten minutes and it’s still only five seconds of sample time. The total sample length is also cumulative – it doesn’t have to be a continuous piece.”
More than 99% of Tracklib’s licenses cost $50.
To date, the Swedish music startup has raised $4.4 million, mostly from early-stage equity investors Vinnova and Almi.
The company will use the new funding to aggressively expand both its user base and existing sample licensing catalog. Tracklib also aims to add music from more producers and artists.
Speaking about the new funding, Pär Almqvist, the startup’s CEO, explained,
“This recent investment demonstrates the belief forward-looking investors have in our solution to one of the most complicated challenges in the music business: how to make sampling accessible, legal and affordable to producers and artists in all stages of their careers. We [created] a new and essential infrastructure in the global music industry, enabling completely new revenues and creative opportunities.”
Expressing the company’s “happiness” in supporting the startup’s “innovative product and growth plans,” Gen Tsuchikawa, Sony Innovation Fund’s Chief Investment Officer, added,
“Sony Innovation Fund is proud to invest in such early-stage and emerging growth companies to help them develop and scale their technologies.”
Featured image by Tracklib.