Splice, a US-based music production platform backed by talent agencies William Morris Endeavor and AM Only, has closed a $35m series B round led by venture capital firm DFJ Growth.
VC firms True Ventures, Union Square Ventures and Flybridge Capital Partners also took part in the round.
Founded in 2013, Splice has created an online platform that enables musicians and producers to create and share music samples. Subscribers can license royalty-free samples from the platform to use in songs and recordings that they release.
The capital will be used to expand the company’s team and improve the tools available on the platform. In addition to the funding, Splice announced that it has paid out $5m to music creators who have distributed their samples on the platform.
The company previously raised $4.5m in a 2014 series A round featuring William Morris Endeavor, AM Only, True Ventures, Union Square Ventures and assorted angel investors.
Splice had already secured $2.75m in seed capital in 2013 from backers including Union Square, True Ventures, BoxGroup, SV Angel and Lerer Ventures.
Steve Martocci, chief executive of Splice, said: “Our mission is simple: to help musicians maximise their potential.
“Our vision is big: to transform the way musicians create and collaborate, to foster a culture of openness in music and to uncover new revenue streams for artists through artist-to-artist marketplaces.”