Vampr has announced a further £570,000, taking its total investment raised to £1.9m.
The US-based music start-up has also opened a London office.
In an oversubscribed crowdfunding round, the company raised the maximum permitted in a 12-month window with over 2,000 investors, as the company draws up plans for its upcoming Series A round.
The funding will go towards further expansion, with a desktop experience and new live streaming tools planned to allow creatives to broadcast their performances to the world.
Founded in 2015 by Josh Simons and songwriter/guitarist and tech entrepreneur Baz Palmer, Vampr began as a social-professional network for creative. It created more than six million connections across 190-plus countries to create hundreds of thousands of musical works along the way.
In the past year, the start-up has seen its Monthly Active Users (MAU) grow by 400%, experienced a 1,273% increase in revenue, and expanded its team in its Nashville and London offices.
We are thrilled to have successfully closed another equity crowdfunding campaign
The self-service platform for artists has been designed to provide distribution, publishing, education and other digital services to a network of over 750,000 users. The company’s premium service, Vampr Pro, includes digital distribution, allowing users to share their music on streaming platforms such as Spotify, Apple Music and YouTube, while keeping 100% of their royalties.
Vampr is used by industry figures including Kanye West’s Grammy-winning producer Anthony Kilhoffer and Rae Khalil from Netflix music competition show Rhythm + Flow. Investors include industry executives at Warner, Sony and Beatport, as well as institutional investors.
Josh Simons, Vampr’s co-founder and CEO, said: “We are thrilled to have successfully closed another equity crowdfunding campaign. I want to thank each and every one of our 2,054 investors, many of them also Vampr users, my team for supporting Baz and I throughout the raise, and of course the entire Vampr community which continues to blossom as the platform improves.”