Soundtrap raised $6 million to accelerate product development and to bring its cloud-based music production platform to new markets, and the Swedish startup said it would reach 1 million users before the year is over.
Soundtrap’s Series A round was led by Nordic VC firm Industrifonden, with participation from existing owners and additional new investors, including Peter Sterky, former CFO and COO of Spotify.
The startup says its the first easy-to-use cloud-based music making platform enabling collaboration between people from anywhere in the world on a multitude of devices across iOS, Android, Chromebook, Mac and Windows platforms. This was what attracted the investor.
“It’s a unique positioning, tapping into the macro trends,” said Malin Carlstrom, investment manager at Industrifonden. “We’re very excited about Soundtrap. The company has a stellar team that has developed a technologically advanced product with an interface loved by its users – for which there is a grand vision.”
Since its launch in June 2015, Soundtrap has seen exponential growth and has been organically adding multiple thousands of new users per day.
“Our vision is for Soundtrap to be the go-to platform for everyone, everywhere, to collaborate around music making and creative audio production across any device. As we enter new markets in the education and consumer sectors, we have our sights set on accelerating our first mover advantage in product and business development, ” says Per Emanuelsson, co-founder and CEO, Soundtrap.
The company rolled out an education version of its product at the start of 2016 and is now attracting more than 200 new schools every week around the globe, primarily from US, Europe and Australia.
“21st-century students require 21st-century tools,” said Carlstrom.
This funding round brings Soundtrap’s total funding to $8.5 million. Other investors of the company include Swedish producer and composer Andreas Carlsson (who has written songs for Britney Spears, Bon Jovi; Backstreet Boys and Clay Aiken among others) Truecaller founders Alan Mamedi and Nami Zarringhalam; Linus Andreen and Aristotracks; and financial investors from Scandinavia and the United Kingdom.
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