Rapchat, a music-making app and discovery platform for hip hop artists, has closed a $2.3m funding spherical led by enterprise capital firm Adjacent and Sony Music Entertainment.
The firm’s newest funding spherical follows its authentic $1.7m seed funding secured in 2018, storiesTechCrunch, and brings the startup’s whole funding thus far to $4m.
In addition to Adjacent and Sony Music Entertainment, the corporate’s buyers embrace London Venture Partners, M25, TechNexus, Base Ventures, 500 Startups
US-primarily based Rapchat, which affords a catalog of over 100,000 beats, lets its customers report vocals and then use enhancing instruments like results and mastering.
The firm says that over 250,000 authentic tracks are created on its platform each month and that these songs can then be shared inside the Rapchat neighborhood, privately between artists, or publicly on social platforms.
Founded in 2015 by Seth Miller, Rapchat stories to have 7 million registered customers who it says have generated over 600m performs.
The startup additionally says that it has 500,000 lively music creators every month and that users spend a mean of 35 min every day in-app.
Rapchat says that it plans to make use of the brand new capital to spend money on key hires throughout engineering, product, and advertising and marketing.
The platform additionally plans so as to add distribution options to permit its customers to distribute their music to music streaming platforms like Spotify and Apple Music
Rapchat additionally intends to make use of the funding to extend the prize swimming pools for Rapchat’s widespread competitors collection Challenges, along with bringing established artists, producers, and business executives on board to assist mentor customers.
“Rapchat has created a music studio that fits into your pocket.”
Nico Wittenborn, Adjacent
Nico Wittenborn, lead Investor at enterprise capital firm Adjacent, added: “Rapchat has created a music studio that fits into your pocket.
“It decreases the friction of creativity by allowing anyone, anywhere in the world to record and publish music straight from their phones.
“This mobile-enabled democratization of technology is what Adjacent is all about, and I am super excited to support the team in building out this next-level music platform.”
“Helping users make music has always been our priority, but in today’s noisy content landscape, Rapchat will be committed to taking that experience to the next level.”
Seth Miller, Rapchat
Seth Miller, CEO of Rapchat, stated: “Helping users make music has always been our priority, but in today’s noisy content landscape, Rapchat will be committed to taking that experience to the next level.
“We’re going to share our spotlight with our brightest users and help them get discovered. If you’re taking hip-hop and music seriously, Rapchat is the place for you.”Music Business Worldwide