Music financing company BeatBread started the year by raising $34m of its own funding to build a business providing advances to musicians. It’s ending it with an even bigger pot of cash to fuel those payments.
BeatBread has secured a $100m institutional funding agreement with a firm called Variant Investments, which it will use to boost the scale of artists that it works with.
“Our initial artist fund powered more than five hundred advances to artists and independent labels, keeping ownership in the hands of artists and creators,” said CEO Peter Sinclair. “Now we’re scaling our capital sources to fund the next 1000 deals, and expanding the size of our advances in the process.”
That means targeting the kind of artists who might be signing multi-million dollar deals with major labels.
The new fund will sit alongside BeatBread’s recently-announced ‘investor network’ of music industry companies and executives, distributors and high net worth individuals, which is also providing advances to its client artists.
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…