Splice, the US-based music production platform backed by talent agencies William Morris Endeavor (WME) and AM Only, secured $57.5m in series C funding on Wednesday.
Union Square Ventures (USV) and True Ventures co-led the round, which included contributions from fellow venture capital firms Flybridge Capital, DFJ Growth, Lerer Hippeau and Founders Circle Capital, as well as investment banking firm Liontree and private investor Matt Pincus.
Founded in 2013, Splice has built a platform that helps musicians and producers create and share recordings. It features a subscription-based library of more than 3 million samples and offers a rent-to-own option on musical sound effect plug-ins for
The company will put the series C proceeds towards bolstering its existing marketplaces and workflow tools. In addition to the funding, Splice revealed it has so far paid out $15m in royalties to creators who have uploaded samples to its platform.
The round followed Splice’s $35m series B round in late 2017, which was led by DFJ Growth and backed by True Ventures, Union Square and Flybridge Capital Partners.
WME, AM Only, True Ventures, USV and assorted angel investors had provided $4.5m in series A funding for the company in 2014, the year after it secured $2.7m in a seed round featuring USV, True Ventures, BoxGroup, SV Angel and Lerer Ventures.
Steve Martocci, co-founder and chief executive of Splice, said: “Splice is truly becoming a platform for the millions of musicians we dreamed of when we first started building it.
“We know and trust these investors — they share both our commitment to building a product and company that is good for musicians and share our big vision in continuing to transform the way musicians create, connect, collaborate and make money.”