Splice Raises $57.5 Million in Latest Funding Round

Splice, a favorite of music creators that allows access to a library of three million rights-cleared sounds, announced today that the company closed a Series C funding round at $57.5 million. That brings Splice’s total amount raised to roughly $102 million since its launch in 2013. It raised a Series B in November of 2017.

Leading this latest round are existing investors Union Square Ventures and True Ventures along with DFJ Growth, Flybridge, and Lerer Hippeau. Liontree, Founders Circle Capital and Songs Publishing founder Matt Pincus also joined the round.

said Andy Weissman, managing partner at Union Square Ventures: “It’s an exciting time to be a musician, in no small part because of what Splice is doing to catalyze creativity through new technology and new business models. … We’ve believed in Splice since day one and are doubling down five years after our first investment to bring the vision to life.”

Splice has doubled its number of employees, from 70 to 140, in the last year and also reveals that it has paid out $15 million in royalties to music creators who distribute their sounds through Splice Sounds. The artist-to-artist sample service is used by professional hitmakers and has ended up on Grammy-winning songs (like Drake’s “God’s Plan,” with production by Boi-1da). Other services offered include a Rent-to-Own payment model, allowing access to plug-ins for a monthly payment, and the cloud-based Splice Studio, which is described as “a free back-up and collaboration product that allows musicians to seamlessly store, save, and share music project files.”

Founded by CEO Steve Martocci and CTO Matt Aimonetti, Splice also announced several new hires: Chris Acquaviva, former CFO at Marvel Entertainment, joins in the same position; Ryan Walsh, former product lead for Apple Music and VP at Beats by Dre, serves as chief product pffficer; and Kavita Vora arrives from Makerbot as chief people officer.

Source: Read Full Article