Audiobyte, creators of the popular music clip app Gifnote, has announced plans to extend its latest round of venture capital after “blowing past” its initial $6 million goal. The round, which was led by Manhattan-based Evolution VC Partners, will now be joined by Northwood Ventures, which provided earlier angel-stage funding.
According to Audiobyte CEO and Co-Founder, Andrew Blacker, the funding will be used for product development.
A Gifnote Soundbyte
The company’s primary product, Gifnote, allows web and iPhone users to send “byte-sized” music clips, known as Songbytes, alongside GIFS, video clips and photos via text message or through business-management app Slack.
Blacker says that his company, which currently maintains partnerships with all three major music labels––Universal Music Group, Warner Music Group and Sony Music Entertainment––is aimed at supporting the industry.
“Music and messaging are a natural fit with global scale and fascinating implications,” said Blacker in a recent statement. “We remain dedicated in our mission to support the music industry in the new landscape of ‘byte-sized’ communication while elevating messaging with music’s universal appeal.”
Most recently, the company partnered with Sony Music to offer Gifnotes that promoted the soundtrack of the new Jennifer Lopez movie, “Second Act.”