Early in 2020, startup Snafu Records emerged with $2.9m of funding claiming to be the “first AI-enabled music label”, promising algorithms that would analyse Spotify, SoundCloud, YouTube and TikTok to identify promising unsigned artists.
The ‘first’ claim might be disputed by startup Instrumental, whose Frtyfve imprint launched in 2018 (although that was branded as an ‘artist services’ division if we’re splitting hairs). Still, Snafu Records is interesting, and now it has raised $6m more funding.
Pophouse Ventures led the round, with Abba’s Agnetha Fältskog among the investors – as she was for that $2.9m round last year. Snafu says that it has signed 45 artists since its launch, while its algorithm is now ploughing through more than 1m songs a week – up from 150k at launch.
Alongside the funding, it is debuting two new features. Blurry will match songwriters (and their songs) with artists who might be suitable to record them. Fine.Art, meanwhile, is a peer-to-peer financing model that will enable Snafu’s artists to invest in one another.