Music funding platform beatBread has launched a new Artists Advocacy Council.
Among the founding members are Mike Caren (Artist Partner Group), Dave Dederer (Label owner and founding member of The Presidents of the United States of America).
The launch of the Advocacy Council follows beatBread’s $34 million seed round in February led by Fintech-focused venture capital firm, Deciens Capital.
Deciens Capital was joined by existing and new investors, including Afore Capital, Angel Ventures, IAG Capital Partners, Mucker Capital, Pandeavor Ventures, Octane Lending CEO Jason Guss, Pier Capital, and Westrie Capital.
Since launch in November 2020, beatBread claims to have made hundreds of advances to artists and labels across multiple genres, six continents, and a broad range of career stages.
Advances offered through beatBread range from $1,000 to as much as $2 million per artist for a limited share of existing catalog revenues, with options also available for unreleased music.
UnitedMasters partnered with the Utah-headquartered firm in August last year, to offer qualifying artists advances ranging from $1,000 to $1 million.
The likes of Symphonic Distribution, Horus Music and Indie Amplify have also all recently inked agreements with the company.
BeatBread says that its ChordCash tech engine evaluates artists’ streaming and social data to generate advance offers which – when combined with a “streamlined” verification and documentation process – leads to advance funding landing in artists’ bank accounts within days.
All advances are repaid from a share of an artist’s streaming and airplay revenues, over a period of the artist’s choosing.
BeatBread says that its Artists Advocacy Council will meet on a regular basis to give feedback on new features planned for the beatBread platform.
They will also provide critical advice to Co-Founders Peter Sinclair and John Haller as the business expands.
“We are honored that some of the leading artist advocates working today have signed on to help the beatBread team provide more artists with greater access to capital and more leverage in the new music industry,”
Peter Sinclair, beatBread
“We are honored that some of the leading artist advocates working today have signed on to help the beatBread team provide more artists with greater access to capital and more leverage in the new music industry,” said beatBread CEO Peter Sinclair. “beatBread’s core mission is artist empowerment.
Added Sinclair: “Adding the experience, insights, and advice of this amazing group will help us further develop industry leading funding products that place control and power where it belongs, in the hands of artists and creators.”Music Business Worldwide