beatBread, the platform that funds music ventures, has secured $124 million in a new round of investments. Major financial entities, including Citibank, Deciens Capital, Mucker Capital, and Advantage Capital, participated in the funding.
Using the money:
beatBread has stated it will use the funds for various purposes:
Expanding sales, marketing, and product operations.
Providing “more flexible” funding to creative clients such as artists, independent labels, distributors, and songwriters.
Growing company staff.
Investing further in proprietary technology.
beatBread has funded projects in amounts ranging from $1,000 to over $10 million since launching in 2020.
Citi:
Citi’s share of the money came from its Spread Products Investment in Technologies (SPRINT) department.
This arm of the bank focuses on “start-ups in specialty lending, alternative investment, and real estate.”
What they said:
Peter Sinclair, CEO of beatBread: “At beatBread, we're building a financial foundation for true artist and label independence. By giving creators more choice, more access, and more control, we're helping them stay independent on their own terms. We believe in a future where artists and independent labels have the power and freedom to shape their own success, compare multiple funding options from multiple funding sources, and make the choice that's right for them, whether it's funding from beatBread, a partner, or even a competitor.”
Lee Smallwood, Citi's Head of Markets Innovation and Investments: "We're excited to support beatBread as they empower independent artists with tech-driven financing solutions. This investment also marks a meaningful step in our exposure to music royalties as a reemerging asset class."
