MUSIC GETS BEHIND SOUNDTRACK
MUSIC, a holding company overseen by Matt Pincus, is leading a $15m pre-growth round of investment in Soundtrack Your Brand, a global streaming service for businesses.
The round, which also included funding from music investor Dundee Partners, was supported by all major Soundtrack investors, among them Balderton Capital, Fuel Venture Capital, Industrifonden, Telia and DIG.
"It's hard to believe, but before Soundtrack Your Brand business owners had no legitimate option to play music on demand for their customers," said Pincus, whose MUSIC is in partnership with Liontree, JS Capital Management and Schusterman Family Investments. "Almost every business has some need for music—and most business owners believe that music creators should be paid for their work. It sounds obvious, but it took a mountain of technological and business innovation to bring on-demand music to enterprise, and Soundtrack nailed it."
The investment enables Soundtrack Your Brand to double down on its go-to-market strategy. The enterprise delivered 60% year-over-year revenue growth in 2022, unlocked EBITDA profitability in Q1 2023 and reached $25m in closing ARR in April.
In conjunction with MUSIC’s investment, Pincus will join Soundtrack Your Brand’s board. Next year, the company will raise an additional growth round to fund the further consolidation of the global background-music market.
