Music startups are still in tune for creator economy investors.
Fave, an app for music fans to connect with artists and each other, said it had secured $2 million in funding. It’s trying to raise an additional $4 million for the round, which would bring its total funding to $8 million. The company said existing investors including Female Founders Fund, Warner Music Group and Sony Music had returned for this round.
The fundraising adds to a growing number of deals for startups that are focused around musical creators and their fans. In the third quarter, global music startups raised nearly $89 million, or nearly 20% of total funding. Funding rose from $85 million in the second quarter and $26 million in the year-ago third quarter, according to The Information’s Creator Economy Database. Some are choosing unconventional means: Gigmor, which helps independent musicians get booked, earn money and reach fans, is currently raising through the crowdfunding platform WeFunder.
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