Chris Garrett
Data based music technology platform Beatroot Music Ltd has received £250,000 venture capital investment from the North West Fund for Digital and Creative.
Co-founder and product director Chris Garrett said they were are delighted with the investment and will use the funding to expand the South Manchester-based team, scale the infrastructure and rollout the service across the music industry.
He said: “Like us, they (the fund) believe that after ten years of tough times, the music industry is now entering an exciting period of growth. Doug Morris, CEO of Sony Music, was recently quoted as predicting that the music sector will make a full recovery back to the $30bn industry it was in 2005. We’re looking forward to working with our clients and partners to be part of this rapid growth.”
While most record labels and music publishers make 90% of their revenue from just 10% of their songs, Beatroot uses metadata and algorithms to help these companies monetize the under-utilised 90% of their music catalogue.
The Beatroot platform, which we featured in our series of Northern Startups last week, processes large catalogues of tracks, extracts data from the music and adds information from third party sources.
The investment manager of AXM Venture Capital which manages fund, Rupert Wingate-Saul, added: “The Beatroot team have a strong track record of creating innovative solutions that solve industry-specific problems. When looking for investments we like to find solutions which will become part of their clients’ daily workflow. We believe the Beatroot platform will achieve this goal.”
The North West Fund is financed by the European Regional Development Fund (ERDF) and the European Investment Bank (EIB)
