Can you feel the love tonight (well, this morning) for British startup Audoo? It has raised a new $5m funding round led by Sir Elton John and David Furnish, taking its total raised so far to $22m.
Audoo is the startup that has developed an ‘audio meter’ that can be installed in retailers, businesses and public locations to track music that’s being played. It then feeds that back to the relevant collecting societies to help them get accurate data when calculating payouts.
Audoo is building quite the supergroup with its investors: ABBA’s Björn Ulvaeus took a stake in the company in 2020 when it raised a £5.2m funding round. That was also the year when Audoo was a winner at the Midemlab startups contest.
“Right now, artists are not being paid accurately for their plays because the data simply doesn’t exist,” said John as the new funding round was announced.
“People have given up on their dreams and we’ve lost talent and future stars because of this disparity. That’s why we’ve invested in Audoo and their world-class technology and data, to help create a more transparent system for everyone, and ultimately to keep the music alive.”
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