Swedish startup Snafu Records launched in 2020 as an ‘AI-enabled music label’, with the AI’s role being to scrape and analyse data from streaming and social services to identity promising human artists.
Having raised $2.9m of funding then from investors including ABBA’s Agnetha Fältskog, now the company has raised a new $7m round of equity and credit funding led by Pophouse Entertainment.
The company has also announced its ‘Snafu Song Fund’ which will provide cash advances to independent artists to license their songs without acquiring the rights.
According to MBW, the company has so far worked with more than 30 artists and paid out nearly $2m in advances “in just a few months”.
The fund is separate from Snafu’s core business, which signs artists to more-traditional label deals with a 50/50 split for recordings royalties.
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…