Next generation record label and music distributor Amuse has announced $15.5 million raised in a Series A round that was co-led by Lakestar and Raine Ventures.
The company was founded in Stockholm in 2015 by music industry executives from Spotify, Universal Music and Warner Music and last year will.i.am joined on as a co-founder. It allows artists to distribute their music for free to major services (including Apple Music, Spotify, Deezer and more) and receive 100 percent of the royalties. That data is then used to fuel the label side of the business by analyzing music consumption and listening habits to identify potential signings.
“The way music is produced and consumed has dramatically changed, but traditional labels have not. Amuse is redefining the label deal and democratizing the discovery process, providing a sustainable solution to this problem,” said co-founder and CEO Diego Farias.
“We are very excited by Amuse’s vision to reinvent the traditional record label with technology and data, analogous to how our portfolio company Spotify reinvented music distribution,” added Dharmash Mistry, general partner of Lakestar. “Diego and his team have reimagined every step of the A&R process from inverting the commercial model to be artist-friendly and discovering new musicians to changing how individual songs are marketed. After their early success in Sweden, this investment will help roll out the model across Europe and the U.S.”
With the fundraising, Raine Ventures managing partner Gordon Rubenstein will join Amuse as a board observer.
He said in a statement, “We are thrilled to partner with Amuse to build a unique and transformational platform for emerging artists. This next phase of growth will bring Amuse’s groundbreaking technology and label services to artists globally, and we look forward to supporting the team by leveraging our deep networks in the media and entertainment industries.”