Music promotion platform Groover has announced an $8 million funding round. Photo Credit: Austin Neill
Indie-focused music promotion platform Groover has announced an $8 million Series A and set its sights on adding several new features.
Paris- and New York-based Groover reached out today with word of the multimillion-dollar funding round, which was led by Paris VC OneRagtime, Sonarworks backer Trind, “community-powered VC” Techmind, and Mozza Angels (“Europe’s first product-led angel syndicate”).
The Series A drew further support from existing investors Partech (or, as its name suggests, a Paris-headquartered tech investment firm), Bpifrance’s Tech & Touch fund, Verve Ventures (“a European deep tech venture capital investor”), and Frenchfounders (“the international French-speaking business network”), per the company.
Launched back in 2019, Groover counts as founders Indeflagration chief editor Dorian Perron, Rafael Cohen (who serves as CPO), and December Square owner Romain Palmieri (who’s also CEO). At present, the platform appears to operate mainly as a feedback-driven networking service, connecting artists (approximately 350,000 of whom are said to have signed up) and around 3,000 “music professionals and curators.”
These individuals and entities (encompassing actual playlist curators as well as professional acts, media outlets, managers, radio stations, and more) can then provide 15-word-minimum comments on projects from enrolled acts in exchange for €1 per reviewed track, the appropriate website shows.
In theory, the arrangement could lay the groundwork for worthwhile insight, professional connections, and possibly larger deals; Groover says it’s facilitated “800k+ shares (reviews, playlist adds etc.) and 1,000+ signatures on record labels” to date.
Now, as initially mentioned, Groover’s scope is expected to expand, with today’s capital specifically bankrolling the addition of promotion and marketing tools, coaching options, and career-development resources, according to the business.
This buildout centers in part on the integration of Groover Club (a “membership service” offering “coaching, masterclasses, and personalized follow-up sessions” to artists) and Groover Obsessions (or “a selective program” that affords “career development opportunities to the most promising artists on the platform”).
The roughly 300 artists currently enrolled in the latter program include Gorillaz live bassist Seye Adelekan, ZOLA, and Faux Real, Groover noted.
Also on the horizon are initiatives designed to bring about continued growth throughout Europe, Latin America, and North America; Groover only opened its New York office in early 2022, but the U.S. is said to account for some 40 percent of company revenue.
“The success of this funding round represents a crucial step in our journey,” co-founder and CEO Romain Palmieri indicated of the Series A. “With these new investments, Groover is poised to write a new chapter, solidifying its position as a global reference in music promotion. Our goal is to provide independent artists with an all-in-one platform supported by innovative features and services and keep accelerating our international development in North America, Europe and Latin America.”
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : DigitalMusicNews – https://www.digitalmusicnews.com/2024/02/13/groover-funding-round-february-2024/
