Splice announces it has raised $4.5 million in series A funding from a range of investors including Braun and ex-Swedish House Mafia member Steve Angello
Splice, a cloud-based music creation and collaboration platform, announced yesterday that it has raised $4.5 million in a Series A round of funding led by True Ventures with participation from Scooter Braun, Tiësto, Steve Angello (ex-Swedish House Mafia), AM Only, WME, Plus Eight Equity Fund LP, as well as existing investors such as Union Square Ventures.
The fundraising adds to the $2.75 million in seed funding from Union Square Ventures and other investors raised back in October 2013, bringing the company's total to $7.25 million. The announcement also marks another move made by Braun's $120 million music venture fund, that was also first reported back in late 2013. Splice also announced it has moved from private to open beta.
As the barriers to access professional grade sound engineering equipment and software continue to decrease and more and more people experience music through uploading remixes and covers to Soundcloud, the necessity and potential value of a service like Splice increases. The only current competitor in the marketplace is Blend.io, but according to a report by Wired, there was a huge boom in demand for such services as far back as seven years ago.