Startup Vampr has been around since 2016, as one of the startups hoping to create a ‘LinkedIn for musicians’ industry-focused social network. It has since raised $900k of funding from angel investors and industry executives, but in 2019 the company is turning to the crowd for more money.
Vampr has launched an equity-crowdfunding campaign this week using the WeFunder website. It’s trying to raise between $100k and $1.07m, with potential investors able to chip in amounts starting at $100 for a share of the company. A couple of days in, and Vampr is already past the $100k mark from 224 investors at the time of writing.
The campaign provides some more information about the business too. Vampr has signed up more than 500,000 people so far, although that translates to just 10,000 daily active users and 75,000 monthly active users currently. The company is hoping to reach 1.3 million monthly active users by the end of 2020, with half of them logging in every day, with plans to launch a subscription tier to start generating some revenue. It’s also looking beyond music. “We want to expand our network and open Vampr up to the all the world’s creatives: from filmmakers to fashion designers, actors to animators,” explains its pitch.
Music Ally’s next Learn Live webinar will help you understand what’s required for artists to thrive in new international markets!