Another day, another pair of fledgling music/tech startups raising money to continue building their businesses.
MasterExchange is a Stockholm and LA-based company that is the latest addition to the ranks of firms encouraging people to invest in songs in return for a share of their royalties.
It has already launched its first ‘initial music offering’ – for a song called ‘Sofia’ by Alvaro Soler which has been streamed more than 1bn times. The funding round was $2.7m.
Today’s second funding announcement comes from Amsterdam-based Ringo, which is aiming to give sync licensing an AI and web3 twist.
It has raised a pre-seed round of €350k ($384.9k at current exchange rates) ahead of the launch of its beta platform later this year.
Ringo’s pitch is that it will ease the process of licensing music for ads, films, TV shows, games and social media, including a tool called ‘Ringo Song Report’ which people can use to find sync-focused metadata for tracks by pasting in their Spotify link.