Blockchain music startup Arpeggi Labs raises $5.1 million from a16z crypto, Steve Aoki, 3LAU and more
Web3 music startup Arpeggi Labs has raised USD 5.1 million in a seed round led by a16z crypto.
The startup claims to be the first blockchain music creation platform, allowing creators to compose, collaborate and sell their music on the blockchain.
The startup says it allows musicians to “compose and stamp their songs as NFTs on the chain”.
Arpeggi also claims that Arpeggi Studio is the only digital audio workstation (DAW) in the chain.
The seed round also saw participation from 1confirmation, Palm Tree Crew, WndrCo Ventures, Steve Aoki, 3LAU, Wyclef Jean, Disco Fries, Electric Feel Ventures, Louis Bell, Joe Zadeh, Audius Foundation, Shayne Coplan, Paul Veradittakit and Cooper Turley.
In addition to their investment, Steve Aoki, Wyclef Jean, Louis Bell, Electric Feel Ventures & Disco Fries will join Arpeggi as advisors.
“We are delighted to have such an experienced and renowned list of partners supporting our mission and are grateful to the team at a16z Cultural Leadership Fund who facilitated introductions to artists and other strategic investors along the way,” the startup said in a blog post .
Founded by brothers Evan and Kyle Dhillon, and co-founder James Pastan, Arpeggi claims to be “building Web3’s home for music creation and publishing”.
“While many web3 music platforms focus on changing the way we own music, Arpeggi changes the way we create music by ensuring attribution to the correct source when a sound is used.”
Arpeggio
The startup further claims that “While many web3 music platforms focus on changing the way we own music, Arpeggi is changing the way we create music by ensuring attribution to the correct source when a sound is used”.
Adds the company in its blog post: “With Arpeggi, anyone can create, upload, publish and explore sounds and songs that other musicians can use via remixing and sampling.
“Arpeggi ensures that artists receive proper credit when their work is used, creating a new paradigm for music creation: artists can now market their music for creative reuse instead of restricting it.”
Other music-making apps that have closed funding rounds in recent months include the likes of Reykjavik, Iceland-born music app Overtune, which closed a US$2 million seed round in July.
In April, social music platform BandLab revealed it raised $65 million in a Series B round, with a post-money valuation of $315 million.Music business worldwide
