Splice is one of the most popular online tools for creating music – and accessing samples – with more than 2.5 million users according to its latest figures. That growth, having added a million in the last year, is exciting investors too.
Splice has just raised a $57.5m Series C funding round, with VC firms Union Square Ventures and True Ventures chipping in, as well as former Songs Publishing exec Matt Pincus and other individuals.
TechCrunch reported that the round could value Splice at around $285m (an external estimate) with the company now having raised $104.5m of total funding.
The news came as Splice revealed former Apple Music exec Ryan Walsh has joined the company as chief product officer, while former Marvel exec Chris Acquaviva is now the company’s chief financial officer.
“It’s all about scale. We’re investing in ourselves. Continuing to build new products. Continuing to work with bigger artists. We think there’s so much about the creative process and ecosystem of musicians that needs to be fixed,” said CEO Steve Martocci.
Splice also revealed an update for the amount it’s paid out in royalties to artists: it was $5m in December 2017, but now stands at $15m.