US-based Rapchat, a leading music-making app that helps rappers and hip-hop artists get discovered, announced a US$ 2.3M in a funding round on 30 April 2021.
Investors: The funding round was co-led by Sony Music Entertainment and NYC VC firm Adjacent. The total funds raised by the startup stands at US$ 4M.
Purpose of the funding: The funds raised will be utilized towards investment in key hires across engineering, product and marketing. It is also looking forward to expanding to have more artists, producers and industry executives on its platform for mentoring and to extend the platform’s reach.
Founded in 2015 by Pat Gibson and Seth Miller, Rapchat is on a mission to democratize music creation with mobile tools that allow anyone to become a music artist. It takes the friction out of making music and has assisted over 7 million artists to unleash their creativity.
It claims that millions of rappers create over 250,000 tracks per month. Rapchat aims to make it easier for them to create music on their phones. Users can select from thousands of beats, record vocals and apply editing tools like voice effects and mastering to create high-quality songs. Completed tracks can also be shared privately among friends, or the broader Rapchat community, or shared to other social channels like Instagram and TikTok.
The Rapchat Community provides feedback via forums, organic collaborations, and regular competitions. The free-to-use app will offer its premium subscribers additional studio-quality tools and help them to monetize their content by publishing directly on various music streaming platforms such as Spotify.
What the CEO has to say: “Helping users make music has always been our priority, but in today’s noisy content landscape, Rapchat will be committed to taking that experience to the next level. We’re going to share our spotlight with our brightest users and help them get discovered. If you’re taking hip-hop and music seriously, Rapchat is the place for you.” — Seth Miller, CEO of Rapchat.
What the investors have to say: “Rapchat has created a music studio that fits into your pocket. It decreases the friction of creativity by allowing anyone, anywhere in the world to record and publish music straight from their phones. This mobile-enabled democratization of technology is what Adjacent is all about, and I am super excited to support the team in building out this next-level music platform.” — Nico Wittenborn, lead Investor at venture capital firm Adjacent.
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