Montreal-based startup BeatConnect has raised CAD $3 million ($2.2 million) in funding from a number of investors to enhance its tool for cross-platform collaboration and remote sharing sessions.
Founded in 2010, BeatConnect is a digital audio workstation (DAW) platform that allows producers and musicians to connect in a digital studio when mixing sounds and creating their music through collaborations with up to four people real-time.
FICC (Fonds d’investissement de la culture et des communications) is the lead investor in the funding round, investing a combined CAD $1.4 million with its partners in BeatConnect’s latest round.
Angel investor network Anges Québec injected CAD $850,000, while Triptyq Capital, the first investment fund in North America to be completely focused on entertainment tech, also infused CAD $750,000, BeatConnect said in a statement on Wednesday (October 12).
“We’re creating an accessible microcosm. You make something, you share it with everyone, people listen to it and give feedback, and then make something of their own.”
Alexandre Turbide, BeatConnect
Proceeds from the funding round will be used to expand BeatConnect’s tool for multiple overlapping sectors of the creator economy, allowing artists and producers to work together from their home studio in real time.
“We’re creating an accessible microcosm. You make something, you share it with everyone, people listen to it and give feedback, and then make something of their own. It motivates users to explore and share their creativity, and it does that in an enjoyable, accessible way,” BeatConnect co-founder Alexandre Turbide said.
The company aims to operate a platform where artists and producers can remix, post, and collaborate in the open BeatConnect world. The startup said this approach attracted a slate of investors.
“At the root of any great creative piece, there’s collaboration,” Francois Guy, Angel Investor at Anges Québec, said of the investment.
“Their platform will be the destination for all musicians, from amateurs to seasoned professionals.”
Francois Guy, Anges Québec
“The music industry has done little to break down the silos that keep their customers captive. Now comes BeatConnect with revolutionary technology that will enable creators to collaborate seamlessly, create more, and monetize their content. Their platform will be the destination for all musicians, from amateurs to seasoned professionals,” added Guy.
FICC General Manager Robert Charpentier and Investments Manager Gilles Labranche said this of the deal: “Over the years, technology has become an increasingly major component of cultural development, and BeatConnect’s fantastic team is at the heart of FICC’s digital strategy. We are proud to have led this round of financing and to be part of this journey.”
FICC, founded in 1997, offers financial partnerships to Quebec companies involved in the creation, production, and distribution of cultural products and services.
BeatConnect said investing in the company provides a new way forward to enhancing music tech.
“The music industry has been at the forefront of digital transformation,” says Guillaume Therien, a partner at Triptyq.
Therien added: “From the creation, production, and distribution to monetization process, the business models have been disrupted while the audience has been growing globally and finding new ways to interact with music creators. Triptyq Capital is proud to partner with BeatConnect’s impressive founding team, who are democratizing music creation with a playful, collaborative, and disruptive technology.”
The global digital audio workstation market is predicted to expand to $4.95 billion by 2029 from $2.7 billion in 2022, representing a compound annual growth rate of 9%, according to market research firm Fortune Business Insights.
BandLab, one of the biggest market players, recently launched a new tool that would allow users to promote their music by turning their posts into featured ads. The new feature follows BandLab’s $65 million funding round in April and after the company hit a milestone of 50 million users in June.Music Business Worldwide