Uppbeat launched just over a year ago as a subscription-based music licensing service for YouTubers and other online video creators, as a spin-off from licensing company Music Vine. Now the company has announced a £4.6m Series A funding round (about $6.2m) and revealed that more than 500,000 users have signed up since its launch.
The company said it plans to use the investment to “add new communal features that will enable creators to curate and share their own playlists” as well as expanding into more kinds of visual and audio assets.
“We believe this investment is not only a gamechanger that will help fund Uppbeat’s ambitious growth strategy, but also an exciting moment for the creator community,” said CEO Lewis Foster.
Uppbeat did not reveal the identity of the investor(s), although a recent filing with Companies House in the UK noted that Australian company Envato Ventures Pty Ltd became a ‘person with significant control’ in Music Vine in mid-December, which may or may not be related to this investment.