beatBread raises $34M to fund artist, label advances
Music funding platform beatBread has completed a seed round led by Deciens Capital, extending beatBread’s fundraising to date to over $34 million.
Since launching in November 2020, beatBread has made more than 300 advances to artists and labels ranging from as little as $1,000 to as much as $2 million. Artists receive funding in exchange for a limited share of existing catalog revenues, with options also available for advances against unreleased music.
In the legacy music industry, artists were forced to sacrifice control of their career and their masters to access growth capital. Our mission is to enable artists to access capital on their own terms,” said beatBread CEO Peter Sinclair
All advances are repaid from a share of an artist’s streaming and airplay revenues over a period of the artist’s choosing. Advance agreements leave touring, publishing, synch, merchandise revenue untouched and come with no restrictions on how the funds can be used.
Fintech-focused venture capital firm, Deciens Capital, was joined in this new round by existing and new investors including Afore Capital, Angel Ventures, IAG Capital Partners, Mucker Capital, Pandeavor Ventures, Octane Lending CEO Jason Guss, Pier Capital, and Westrie Capital.
“We are excited to team up with Deciens and other experienced investors to continue to grow and offer more access to flexible capital to more artists,” said Sinclair. “This investment will allow us to expand our feature set and will extend the already large capital pool in beatBread’s invite-only Investor Network.”