Web3 music-making startup Arpeggi Labs has raised USD $5.1 million in a seed round led by a16z crypto.
The startup claims to be the first blockchain music creation platform, allowing creators to compose, collaborate and sell their music on the blockchain.
The startup says that it lets musicians “compose and mint their songs as fully on-chain NFTs”.
Arpeggi also claims that its Arpeggi Studio is the only on-chain digital audio workstation (DAW).
The seed round also saw participation from 1confirmation, Palm Tree Crew, WndrCo Ventures, Steve Aoki, 3LAU, Wyclef Jean, Disco Fries, Electric Feel Ventures, Louis Bell, Joe Zadeh, the Audius Foundation, Shayne Coplan, Paul Veradittakit, and Cooper Turley.
In addition to their investment, Steve Aoki, Wyclef Jean, Louis Bell, Electric Feel Ventures & Disco Fries will be joining Arpeggi as advisors.
“We are excited to have such an experienced and renowned roster of partners supporting our mission and are thankful for the a16z Cultural Leadership Fund team who facilitated introductions to artists and other strategic investors along the way,” said the startup in a blog post.
Arpeggi, founded by brothers Evan and Kyle Dhillon, and co-founder James Pastan, claims to be “building Web3’s home for music creation and publishing”.
“Whereas many web3 music platforms focus on changing the way we own music, Arpeggi changes the way we create music by ensuring attribution to the proper source when a sound is used.”
The startup claims further that, “Whereas many web3 music platforms focus on changing the way we own music, Arpeggi changes the way we create music by ensuring attribution to the proper source when a sound is used”.
Adds the company in its blog post: “With Arpeggi, anyone can create, upload, publish, and explore sounds and songs for other musicians to use via remixing and sampling.
“Arpeggi ensures artists receive proper credit when their work is used, creating a new paradigm for music creation: artists can now promote their music for creative reuse instead of restricting it.”
Other music-making apps to close funding rounds in recent months include the likes of Reykjavik, Iceland-born music-making app Overtune, which closed a USD $2 million seed round in July.
In April, social music making platform BandLab revealed that it raised $65 million in a Series B round, with a post-money valuation of $315 million.Music Business Worldwide