Music financing platform beatBread has secured another USD $124 million in credit and equity capital, in part to expand its program of advances.<\/p>\n
The company is capable of paying cash advances of over $10 million<\/strong> to independent musicians and labels.<\/p>\n BeatBread said it will deploy the new $124 million<\/b> in funds to expand its sales, marketing and product operations, in addition to providing more flexible funding to artists, writers, and independent label clients.<\/p>\n US-headquartered beatBread<\/a> received equity investment from Citi, Deciens Capital, Mucker Capital, <\/b>and Advantage Capital<\/b> in the round. Additional credit was provided by GMO<\/b> and other lenders, the company said Tuesday (August 5).<\/p>\n Founded in 2020, beatBread previously raised\u00a0<\/a>$34 million\u00a0<\/strong>in a seed round in 2022, before<\/span> closing a $100 million<\/b> institutional fund<\/a> later that year.<\/p>\n The company also launched<\/a> an \u201cexclusive investor network\u201d in 2022 that brought funding from music companies, distributors, and \u2018high-net-worth\u2019 individuals into its existing institutional capital pool.<\/p>\n In February of this year, beatBread said<\/a> it had paid advances to over 1,300<\/b> clients across six continents, with funding amounts spanning from $1,000<\/b> to over $10 million<\/b>. These advances cover both existing music catalogs and new, unreleased material.<\/p>\n In 2023, the company launched<\/a> multi-million dollar advances specifically for songwriters, and added publishing administration services through partnerships<\/a> with Kobalt<\/b> and AMRA<\/b> last year.<\/p>\n \u201cAt beatBread, we\u2019re building a financial foundation for true artist and label independence. By giving creators more choice, more access, and more control, we\u2019re helping them stay independent on their own terms.\u201d<\/p>\n Peter Sinclair, Beatbread<\/span><\/p><\/blockquote>\n Peter Sinclair<\/b>, CEO of beatBread, said: \u201cAt beatBread, we\u2019re building a financial foundation for true artist and label independence.<\/p>\n “By giving creators more choice, more access, and more control, we\u2019re helping them stay independent on their own terms.<\/p>\n \u201cWe believe in a future where artists and independent labels have the power and freedom to shape their own success, compare multiple funding options from multiple funding sources, and make the choice that\u2019s right for them, whether it\u2019s funding from beatBread, a partner or even a competitor.\u201d<\/p>\n Citi participated through its Spread Products Investment in Technologies<\/b> (SPRINT) team, which makes strategic investments in specialty lending, alternative assets and real estate.<\/p>\n Lee Smallwood<\/b>, Citi\u2019s Head of Markets Innovation and Investments, said: \u201cWe\u2019re excited to support beatBread as they empower independent artists with tech-driven financing solutions. This investment also marks a meaningful step in our exposure to music royalties as a reemerging asset class.\u201d<\/p>\n \u201cWe\u2019re excited to support beatBread as they empower independent artists with tech-driven financing solutions.”<\/p>\n Lee Smallwood<\/b>, Citi<\/span><\/p>\n<\/blockquote>\n beatBread says it will additionally use the funds to further expand its proprietary technology and deepen partnerships with distributors, managers, and the wider music industry.<\/p>\n Paul Steele<\/b>, Executive Partner at Triple 8 Management, <\/b>who invested in the round, said: \u201cAt Triple 8, we believe artists should be able to create and release the music they want, the way they want. beatBread gets that in everything it does. They give artists, managers and labels greater clarity, control, and fair terms.\u201d<\/p>\n \u201cAt Triple 8, we believe artists should be able to create and release the music they want, the way they want. beatBread gets that in everything it does.”<\/p>\n Paul Steele<\/b>, Triple 8 Management<\/b> <\/span><\/p><\/blockquote>\n \u201cThat\u2019s important in a business where so many people are trying to be anything other than transparent. Every day we see the power of what they\u2019ve built, and that\u2019s why we\u2019re not just using beatBread, but I’m personally actively investing in the company as a whole.\u201d<\/p>\n\n
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