Music Ally wrote about Swedish startup Corite when it launched last year as the latest way for artists to make money by selling off stakes in their songs to fans. In its first month of operation, it raised $24k in fan-funding for its first crop of artists. Now the company has been raising some funding of its own: a seed investment round from a mixture of institutional investors and music industry figures – including artist Danny Saucedo and manager Tomas Lööw. Corite hasn’t said how much the seed round is worth, but it did provide an update on its business: it has run more than 40 artist campaigns so far in its Swedish pilot, raising more than $40k.
The new funding comes as Corite launches its platform across Europe, opening up to artists beyond its homeland at a time when many are looking for new income streams amid the collapse of live revenues. “Through Corite artists can fund and release music with the backing of the fans – from the bedroom, kitchen or studio,” said CEO Mattias Tengblad.
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