Splice Raises $57.5M in Funding, Artist Payouts Hit $15M
The music creation and collaboration company has expanded its executive team with several recent hires.
Music creation and collaboration company Splice has raised $57.5 million in a Series C funding round, the company revealed on Wednesday (March 20). It also announced $15 million in royalties paid to creators distributing their sounds through its artist-to-artist sample service, Splice Sounds, since launching in 2013.
Splice Sounds is just one of several Splice products intended to help musicians create and earn revenue. The subscription-based sample library offers access to more than 3 million sounds. Other products include a rent-to-own payment plans on professional creative tools and the free Splice Studio back-up and collaboration product that allows musicians to seamlessly store, save and share music project files in the cloud.
Leading the fundraising round are existing investors Union Square Ventures and True Ventures, joined by DFJ Growth, Flybridge and Lerer Hippeau. Liontree, Founders Circle Capital and Songs Publishing founder Matt Pincus also participated.
"Splice is truly becoming a platform for the millions of musicians we dreamed of when we first started building it," said Splice co-founder and CEO Steve Martocci in a statement. "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. This funding will help bring that vision into reality."
Splice said it will use the new investment to explore new ideas and improve its existing marketplaces and workflow tools.
"We've built an incredible portfolio of marketplaces and products that serve all people who make music -- from Grammy award winners to kids in their bedrooms," said Ryan Walsh, Splice's chief product officer, in a statement. "This investment allows us to evolve those products and take several huge leaps toward a creatively and financially healthier music culture. Our focus on supporting musicians will not waver. And we have some big, meaningful surprises in store for them.
Walsh joined Splice last June, having previously directed product management for media at Apple. Under that role he oversaw Apple Music and the iTunes stores for movies, music and television. He joined Apple as part of the Beats by Dre acquisition, where he was vice president of product, managing design, product development, analytics and growth.
Splice has recently brought on two other chief executives, in addition to Walsh. Chris Acquaviva is now the company's first chief financial officer, joining from Marvel Entertainment, where he was CFO. And Kavita Vora, who joined Splice last year, is the company's first chief of people officer, having previously served as Chief People Officer at 3D printing company MakerBot. They join Martocci, chief business officer Jonathan Lee and chief technology officer Matt Aimonetti on Splice's chief executive team.
Splice's last fundraising round was in November 2017, when it raised $35 million. Since then, the company has notably partnered with Drake's "God's Plan" producer boi-1da and Grammy-winning artist SOPHIE, among others, to distribute their original sample content to the platform's growing community of producers. As well, it released a professional Digital Audio Workstation on Rent-to-Own at $16.99/month and recently announced a partnership with hardware brand Akai Professional.
"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," said Andy Weissman, managing partner at Union Square Ventures, in a statement. "We've believed in Splice since day one and are doubling down five years after our first investment to bring the vision to life."