Blockchain music startup SphereTrax has picked up £250,000 in pre-seed funding from venture capital firm Jenson Funding Partners.
Founded by composer Sefi Carmel, SphereTrax’s platform allows musicians to publish and licence their music using the blockchain to third parties such as games and films.
“The industry has always been weighted against creators, giving control and rights of their work to other stakeholders,” said Sefi Carmel, founder and CEO of SphereTrax.
The platform accepts cryptocurrencies as a method of purchasing music on the platform and in future wants to add track purchases in the form of NFTs.
Carmel, who has previously worked with the musicians Phil Collins, Michael Buble, David Bowie and Bruno Mars, added: “SphereTrax’s creator-first model guarantees fairness and equal opportunities, no matter where you are or how large your following is.”
Music publishers on SphereTrax will take home up to 75% of their royalties, according to the company.
Sarah Barber, CEO of Jenson Funding Partners, said: “SphereTrax isn’t just disrupting the entertainment industry with a platform that puts the rights of the creator ahead of anyone else, but also has a high-quality threshold to ensure top industry professionals get the level of service and access to great music they expect.”
SphereTrax will spend the pre-seed funding from Jenson Funding Partners on sales, marketing and developing its music licensing marketplace.
In December, Jenson Funding Partners launched a new £60m green tech fund.