Soundcharts was an award-winner at the Midemlab startups contest earlier this summer. Now the French music-analytics firm has raised a $3.1m Series A funding round.
The round was led by VC firm Alven Capital, with Kima Ventures and Global Founders Capital also chipping in. It follows $0.3m of previous seed funding from a round in June 2016.
As it announced the round, Soundcharts said that it now has more than 250 companies using its analytics platform, including users within all three major labels. Believe Digital, Songs Publishing, Red Bull Records and Ignition Management are among its other clients.
The platform pulls in data from social networks, streaming services, charts and radio airplay, with the aim of helping music companies to make sense of it all.
The funding will fuel Soundcharts’ expansion beyond its home city of Paris. The company is planning to open offices in Los Angeles, New York and London by the end of 2017.
“As a new generation of professionals is entering this growing and changing industry, there will be space to develop a must-have SaaS platform offering real-time market intelligence,” said Alven Capital partner Jeremy Uzan in a statement.
Soundcharts, which launched its service in September 2016, is one of a cluster of startups hoping to fill the gap left by past music-analytics firms Semetric (which was bought by Apple in 2015) and Next Big Sound (which was bought by Pandora the same year).
Distributors and label-services companies are also increasingly playing in this space, albeit focused on their own rosters of labels and artists.
“We provide a service to anyone serious about doing business with artists or more generally music content,” said CEO David Weiszfeld in a statement today. “This puts Soundcharts at a central position within the ecosystem.”
In his pitch at Midemlab in June, Weiszfeld said that Soundcharts – like rivals – is trying to “solve the workflow issue in the industry… way too many questions are unanswered”.
While he added that the company’s technology could in theory be used by other industries – “celebrities, sports people, anybody who has visibility online” – he said that Soundcharts remains focused on the music industry for now.