Business and financial management platform HIFI has completed a strategic funding round with a heavyweight list of backers, including artists, executives, artist managers and prominent investors.
Amongst those who participated in the funding round are Capitol Music Group Chair and CEO Michelle Jubelirer, Red Light Management founder Coran Capshaw, Patriot Management founder Ron Laffitte, Maverick’s Gee Roberson, Wasserman Music’s Tom Windish, artist manager Brandon Creed, Hipgnosis’ Nick Jarjour, 300’s Rob Stevenson, TMWRK’s Andrew McInnes, and Mick Management’s Jonathan Eshak and Michael McDonald.
The value of the funding round has not been disclosed, but MBW understands that it was an eight-figure sum.
HIFI launched in the US in 2020 with major league supporters including Matt Pincus, who joined HIFI’s board and is an investor via his financial vehicle MUSIC – a joint venture with LionTree.
Founded by Damian Manning (CEO), HIFI dubs itself as a “financial rights organization” and claims to be “building innovative products and services that work in concert with them to financially empower the creator class”.
Other investors in this round include Taz Taylor and Nick Mira of Internet Money, Diplo, 3LAU, G-Eazy, A-Trak, Hayden James, and the legendary Quincy Jones.
HIFI also attracted investment from The Revels Group’s Jamil Davis and Matt Bauerschmidt, Timeless Music Entertainment’s Daniel “Birdman Zoe” Desir, Splice’s Steve Martocci, SESAC’s John Josephson, Hipgnosis’ Alex Black, Red Light Management’s Steve Satterthwaite, Campfire Songs’ Ollie Hammett and Seth Kallen, 88rising’s Jason Ve, Ozone Entertainment’s Bret Disend, 1916’s Jonny Gordon, Dead Logic’s Andre Cisco II, LLBM’s Justin Kobay, London & Co’s Scott Adair, TKG’s Josh Klein, and music attorney Gene Salomon of Gang, Tyre, Ramer, Brown & Passman.
Furthermore, music publishing veteran Matt Pincus participated in the round via his investment vehicle MUSIC, a joint venture with LionTree.
Pincus was formerly the Founder and CEO of SONGS Music Publishing which was acquired for a nine-figure sum in 2017 by a fund managed by Kobalt Capital.
He’s joined by other notable investors such as VC firm Lerer Hippeau, Swedish family office Bonnier Group, holding company Eldridge, Chord Music Partners co-founders Dundee Partners, LGBTQ+ syndicate Gaingels, angel investor Abe Burns, former Airbnb Experiences lead Joe Zadeh, OpenGov Co-Founder & CEO Zac Bookman, Fundera Co-Founder & CEO Jared Hecht, and former Spotify Chief Economist Will Page.
HIFI claims that “thousands of independent creators” including recording artists, producers and songwriters, and their teams have signed up to use its Royalties Dashboard product, a financial platform that aggregates data from labels, distribution services, PROs, music publishers and others.
The company says that it launched support for artists signed to major labels and publishers last year, and recently released an Enterprise version of its dashboard built in partnership with “more than a dozen top business management firms”.
Elsewhere, HIFI says that is launching an “enhanced royalties acceleration service” this year, which it says was facilitated by its recent acquisition of Warner Music Group and Techstars Music-backed start-up, The Music Fund.
The Music Fund provides funding solutions for artists based on the streaming performance of their music on digital services like Spotify and Apple Music.
“The support we are receiving from artists and their allies is truly unprecedented and indicative of how important our mission is of delivering financial transparency and independence to creators across the music industry.”
Damian Manning, HIFI
“The support we are receiving from artists and their allies is truly unprecedented and indicative of how important our mission is of delivering financial transparency and independence to creators across the music industry,” said Damian Manning, Founder and CEO of HIFI.
“This strategic capital will accelerate the expansion of HIFI’s financial infrastructure and technologies, furthering our commitment to directly empower creators with critical business insights and enhanced liquidity to fuel their careers.”
Added Manning: “It’s a huge validation that the management teams and financial firms who manage the affairs of the world’s top artists have joined our mission.
“Artists are releasing more content than ever before, with multiple collaborators and via multiple distribution channels including blockchain.
“Our goal with HIFI is to ensure that creators of all stages and their teams benefit from a comprehensive picture of what they’re earning and access to the liquidity they need to make optimal career decisions over the long-term.”
“As the music business evolves through the streaming era and into web3, HIFI is the single point of integration where creators can access and analyze their finances across sources in real time.”
Matt Pincus, MUSIC Co-Founder and CEO, a HIFI investor and board member, said: “As the music business evolves through the streaming era and into web3, HIFI is the single point of integration where creators can access and analyze their finances across sources in real time.
“With this new round of strategic capital and the recent launch of HIFI Enterprise, the world’s biggest artists are now seeing what the independent community has long known: HIFI is indispensable in empowering creators to maximize their financial resources.”
“The possibilities are endless with HIFI and creatives coming together.”
Quincy Jones said: “It makes my soul smile to see artists achieve success on their own terms, and without compromise. The possibilities are endless with HIFI and creatives coming together.”
“HIFI’s insights are crucial to understanding the value that creators are generating across the market.”
Gee Roberson said: “HIFI’s insights are crucial to understanding the value that creators are generating across the market.”
“HIFI helps creators maximize their financial upside. And that is a superpower in this business.”
Taz Taylor said: “HIFI helps creators maximize their financial upside. And that is a superpower in this business.”
“HIFI delivers long-awaited transparency to historically opaque music industry economics.”
3LAU said: “For today’s artists pursuing boundless opportunities, HIFI delivers long-awaited transparency to historically opaque music industry economics.”
“HIFI is resetting the industry dynamic, making it possible for more artists to invest in themselves.”
G-Eazy added: “HIFI is resetting the industry dynamic, making it possible for more artists to invest in themselves.”
“As business managers, HIFI helps us ensure we’re not leaving any of our clients’ money on the table.”
Justin Kobay added: “As business managers, HIFI helps us ensure we’re not leaving any of our clients’ money on the table.”
Music Business Worldwide