Music-focused financial tech company Hifi has raised a new funding round with a long list of music industry executives backing its business.
Quincy Jones, Gee Roberson (Maverick), Coran Capshaw (Red Light Management), Michelle Jubelirer (Capitol), Steve Martocci (Splice), publisher-turned-investor Matt Pincus (Music) and former Spotify exec Will Page are among the strategic investors, and while Hifi did not announce a figure for the round, MBW reported that it was “an eight-figure sum” – so more than $10m.
We wrote about Hifi last October when it acquired a company called The Music Fund, whose business focused on predicting artists’ streaming royalties to pay them advances. The company describes itself as “the financial rights organisation for the music industry”, signing up artists, producers and songwriters as ‘members’ to use its royalties dashboard tool.
It’s planning to launch an “enhanced royalties acceleration service” later this year based on The Music Fund’s tech. Artists Diplo, 3lau and G-Eazy were also among the strategic investors in its funding round.
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