Songclip, the US-based developer of an online music sourcing platform, received $11m yesterday from investors including conglomerate Kraft Group and radio producer IHeartMedia’s corporate venturing unit, IHeartMedia Ventures.
Swat Equity Partners, Northwood Ventures, Evolution VC Partners, Raised in Space, Gaingels and Forefront Venture Partners also took part in the round, as did the band AJR and industry executives Michael Rubin, Jason Flom and Steve Greenberg.
Founded in 2017 as Rednote, Songclip provides a service that enables operators of mobile apps to integrate licensed music as a feature. The funding will be allocated to further developing its product as well as its search engine and data analytics.
The company said it has now raised $22m in total. Then known as Audiobyte, it closed a $6m series A round in 2018 featuring internet company Digital Garage’s DG Incubation unit.
Evolution VC Partners led the 2018 round, which included existing backer Northwood Ventures as well as Neoteny 4, Brett Berish, Andrew McKee and Michael Shalett.
