Stockholm-based music sampling startup Tracklib has raised $1.7 million.
The funding round was joined by Sony Innovation Fund; WndrCo; and Jörg Mohaupt, a private, early-stage investor who has invested in several other music companies including Discogs and Amuse.
The funding round is in preparation for a Series A funding later this year.
Tracklib says that it plans to use this funding to continue expanding its user base and music catalog.
Songs with Tracklib samples have been used on the likes of J.Cole’s latest double-platinum single Middle Child and DJ Khaled’s Holy Mountain.
“Sony Innovation Fund is proud to invest in such early-stage and emerging growth companies to help them develop and scale their technologies.”
Gen Tsuchikawa, Sony Innovation Fund
Tracklib CEO Pär Almqvist said: “This recent investment demonstrates the belief forward-looking investors have in our solution to one of the most complicated challenges in the music business: how to make sampling accessible, legal and affordable to producers and artists in all stages of their careers.
Pär Almqvist, Tracklib
“We create a new and essential infrastructure in the global music industry, enabling completely new revenues and creative opportunities.”
Gen Tsuchikawa, Chief Investment Officer of Sony Innovation Fund, the venture capital arm of Japan’s Sony Corporation, added: “We are happy to join Tracklib to support its innovative product and growth plans.
“Sony Innovation Fund is proud to invest in such early-stage and emerging growth companies to help them develop and scale their technologies.”Music Business Worldwide