Picture credit: Soundtrack Your Model
Stockholm-based Soundtrack Your Model, a music streaming service for companies, introduced on Wednesday, June 14, that it has secured $15M (roughly €13.7M) in a pre-growth spherical of funding led by MUSIC.
The spherical additionally included funding from main music traders Dundee Companions.
It was supported by all present Soundtrack traders, together with Balderton Capital, Gasoline Enterprise Capital, Industrifonden, Telia, and DIG.
Soundtrack Your Model says the funding will allow it to double down on its profitable go-to-market technique.
Shifting into 2024, the Swedish agency intends to lift an extra progress spherical of funds to consolidate the worldwide background music market.
As a part of the funding spherical, Matt Pincus of MUSIC will be part of Soundtrack Your Model’s board and assist the corporate’s mission.
“It’s arduous to consider however, earlier than Soundtrack Your Model, enterprise house owners had no official choice to play music on demand for his or her prospects,” says Pincus.
“Nearly each enterprise has some want for music – and most enterprise house owners consider that music creators ought to be paid for his or her work. It sounds apparent, but it surely took a mountain of technological and enterprise innovation to convey on-demand music to enterprise and Soundtrack nailed it,” he provides.
Soundtrack Your Model: Helps companies strengthen relationships by means of music
Based in 2013 by Ola Sars, Andreas Liffgarden, and Joel Brosjö, Soundtrack Your Model helps 1000’s of companies strengthen relationships with prospects by means of music.
Supported by its AI platform powering music choice for manufacturers, Soundtrack Your Model supplies an all-in-one resolution for streaming music to shops, lodges, eating places, and different business settings.
The corporate has delivered 60 per cent YoY income progress in 2022, unlocking EBITDA profitability in Q1 2023 and reaching $25M in ARR closing April 2023.
The Swedish agency works with manufacturers resembling McDonald’s, Lululemon, Uniqlo, Joe & The Juice, Aesop, and Tag Heuer, amongst others.
“Our mission to convey transparency and accountability to the dysfunctional background music market is gaining momentum,” says Ola Sars, CEO of Soundtrack Your Model.
“Our monetary efficiency and operational effectivity are each already very robust, however with this funding Soundtrack Your Model can broaden our progress mannequin into M&A, consolidating the fragmented background music market and making certain continued premium ARPU and honest compensation to music creators,” provides Sars.
Soundtrack’s present ARPU is $33 and rising, claims the corporate in comparison with the B2C common of round $5.
