The worldwide production platform for custom audio, Audiodraft, which allows everyone to commission music or sound has made it known on Wednesday, July 17th that it has successfully raised $400,000 in a funding round that was guided by Promus Ventures and 500 Startups. The startup was actually founded three years ago and today it has a community of roughly 20,000 music composers and sound designers who either create sounds or music for various clients and advertising agencies on a commission basis. Apart from this, the Audiodraft platform also has a library that offers readily available tracks, which allows customers to purchase the licenses of the music instantly after paying an amount between $400 to $2,000.
In addition to raising $400,000 fund, Audiodraft is also looking to bring in some fresh advisors which includes vice president of engineering at TaskRabbit, Yee Lee and co-founder of Trulia, Sami Inkinen. These new advisors to the company will make use of the fund by hiring some new staff members in the Helsinki and San Francisco offices of Audiodraft. More importantly they will start a new Agency Studios service with this funding.
On this occasion the Audiodraft released the following statement over its blog:
“We are very happy to announce that we’ve raised venture capital from some formidable US companies including 500 Startups and Promus Ventures. We are now ramping up the Audiodraft service in the US market and getting more resources for our international growth. Also, our advisor board is gaining some muscle from top tier advisors including Sean McCullough, Yee Lee, Thomas Ryan and Sami Inkinen. We are thrilled to have the opportunity to work with such prolific companies and advisors as we take Audiodraft to the next level. So, very big thanks to everyone involved!”
The new investors of the startup were also quite excited about their new endeavour, as the Managing Partner of Promus Ventures, Mike Collett said in his greetings that, “Custom audio is a huge international market in dire need of disruption. Audiodraft’s unique platform gives a much-needed solution for brands, publishers, agencies, sound designers, and composers. We’re seeing terrific demand for the product and are excited to be involved.”
Partner at 500 Startups, Christine Tsai said that, “What struck me about the Audiodraft team is their strong music background and the fact that audio production is near and dear to their heart. They aren’t just chasing after a market. We’re excited to have them join the 500 Family and look forward to helping them grow their customer base and expand even further globally.”
Source: TechCrunch, AudiodraftBlog
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