Rapchat, a music creation app and discovery platform for hip hop artists, closed a $ 2.3 million funding round led by venture capital firm Adjacent and Sony Music Entertainment.
The company’s latest funding round follows its initial funding of $ 1.7 million secured in 2018, reportsTechCrunch, and brings the startup’s total funding to date to $ 4 million.
Besides Adjacent and Sony Music Entertainment, the company’s investors include London Venture Partners, M25, TechNexus, Base Ventures, 500 Startups
Rapchat, based in the United States, which has a catalog of more than 100,000 beats, allows its users to record vocals and then use editing tools such as effects and mastering.
The company claims that more than 250,000 original tracks are created on its platform each month and that these songs can then be shared within the Rapchat community, privately among artists or publicly on social platforms.
Founded in 2015 by Seth Miller, Rapchat reports having 7 million registered users which, he says, generated over 600 million coins.
The startup also says it has 500,000 active music creators every month and that youUsers spend an average of 35 minutes per day in the app.
Rapchat says he plans to use the new capital to invest in key recruitments in engineering, products and marketing.
The platform also plans to add distribution features to allow its users to distribute their music on music streaming platforms like Spotify and Apple Music.
Rapchat also intends to use the funding to increase the prize pools of the popular Rapchat Challenges competition series, in addition to bringing established artists, producers and industry leaders on board to help users get on board. frame.
“Rapchat has created a music studio that fits in your pocket.”
Nico Wittenborn, Adjacent
Nico Wittenborn, lead investor at venture capital firm Adjacent, added: âRapchat has created a music studio that fits in your pocket.
âIt decreases the friction of creativity by allowing anyone, anywhere in the world, to record and publish music directly from their phone.
âThis democratization of mobile-friendly technology is the essence of Adjacent, and I’m very happy to support the team in creating this next-level music platform. “
âHelping users make music has always been our priority, but in today’s noisy content landscape, Rapchat is committed to taking that experience to the next level. “
Seth Miller, Rapchat
Seth Miller, CEO of Rapchat, said: âHelping users make music has always been our priority, but in today’s noisy content landscape, Rapchat is committed to taking that experience to the next level. .
âWe’re going to share our projectors with our brightest users and help them get discovered. If you take hip-hop and music seriously, Rapchat is for you.Music trade around the world