Startup Rapchat has signed up more than seven million people to use its hip-hop focused ‘mobile recording studio’ app, which helps them to create songs using its catalogue of beats and instrumental tracks.
Now the company has raised a $2.3m funding round co-led by Sony Music and VC firm Adjacent. The round extends a previous $1.7m seed funding, taking Rapchat’s total raised so far to $4m.
Rapchat says that it plans to use the funding to add distribution features to help its creators release music on streaming services, as well as offer bigger prizes for its in-app contests, and work with more “established artists, producers and industry executives” to mentor the musicians who show promise on its platform.
Rapchat told TechCrunch that it currently has 500,000 monthly active users averaging 35 minutes a day using its app. There is competition though: in February Facebook’s experimental apps team NPE launched a similar app called Bars.
Tools: platforms to help you reach new audiences
Tools :: Wyng
Through Music Ally’s internal marketing campaign tracking, we’ve recently discovered an interesting website by the…