Cloud-based music-creation platform Splice has raised an additional $55 million at a total valuation of nearly $500 million.
The eight-year-old company announced its $55 million funding round, which reportedly brought with it an almost half-billion-dollar valuation, in a formal release. This Series D, which follows a $57.5 million Series C from March of 2019, was led by Goldman Sachs Growth. Matt Pincus’s MUSIC also participated in the funding round, joining existing investors including Silicon Valley-based True Ventures and New York City’s Union Square Ventures (which also has a stake in Sofar Sounds).
A Goldman Sachs Growth professional noted in a statement that Splice boasts four million users, and the $55 million capital influx follows Splice’s recent acquisitions of plugin-focused startup Audiaire and audio software-development kit provider Superpowered.
Additionally, the New York-headquartered Splice indicated in its multifaceted release that former GitHub higher-up and current Adobe Creative Cloud VP of Experience and Engagement, Kakul Srivastava, has joined the company’s board.
“I see a lot of similarities between Github and what’s happening at Splice. Splice is fast becoming the largest collaboration platform for people who make music, whether they are a Grammy award-winning musician or my daughter who wants to make a great Twitch stream for her followers,” the former Yahoo exec Srivastava relayed in a statement.
“Access to tools, content, and community, all of which Splice provides, are the building blocks for creativity and driving the next generation of creators,” she finished.
And in a brief statement of his own, Splice CEO Steve Martocci acknowledged that the capital will help his company to continue growing, but didn’t elaborate upon his exact plans for the funds.
“We’ve got a big year ahead of us, and this investment will propel Splice’s vision to provide the essential content, tools, and inspiration that audio creatives are looking for; we look forward to working closely with our new partners,” said Martocci.
Separately, technology company and creation platform Output – which, like Splice, was founded in 2013 – completed a $45 million funding round back in October of 2020. And in other funding news, live event ticketing platform Lyte raised $33 million in December from backers including Quincy Jones, before topping $38 million in total Series B capital earlier this month.
Lastly, Clubhouse closed a Series B funding round in January, and since then, both Facebook and Twitter have taken preliminary steps to broaden their audio-focused features and offerings.