Stockholm-based Tracklib, the world’s first record store with songs for sampling, raised $1.7 million to act on its ambitious plan to expand its user base and recording catalog.
The round was joined by Sony Innovation Fund; WndrCo; and Jörg Mohaupt, a private, early-stage investor who has invested in several other music companies including Discogs and Amuse.
The funding round is in preparation for a Series A funding later this year.
Tracklib will use this funding to continue expanding the user base and music catalog of its pioneering service – affordable, instant sample licensing – to bring more great music to more music producers and artists.
Offering a large and diverse catalog of licensed original recordings, including unique stems and multitracks, the groundbreaking service is already used and supported by some of the world’s most prominent music producers and artists.
Hundreds of songs with Tracklib samples have been released, including J.Cole’s latest double-platinum single MIDDLE CHILD and DJ Khaled’s chart-topping HOLY MOUNTAIN.
“This recent investment demonstrates the belief forward-looking investors have in our solution to one of the most complicated challenges in the music business: how to make sampling accessible, legal and affordable to producers and artists in all stages of their careers,” said Tracklib CEO Pär Almqvist.
“We create a new and essential infrastructure in the global music industry, enabling completely new revenues and creative opportunities.”
“We are happy to join Tracklib to support its innovative product and growth plans,” said Gen Tsuchikawa, Chief Investment Officer of Sony Innovation Fund, the venture capital arm of Japan’s Sony Corporation.
“Sony Innovation Fund is proud to invest in such early-stage and emerging growth companies to help them develop and scale their technologies.”