Business and financial management platform HIFI has completed a strategic funding round with a strong roster of backers, including leading artists, executives, artist managers and investors.
Among those who participated in the funding round are Capitol Music Group President and CEO Michelle Jubelirer, Red Light Management Founder Coran Capshaw, Patriot Management Founder Ron Laffitte, Maverick’s Gee Roberson, Wasserman Music’s Tom Windish , artist manager Brandon Creed, Hipgnosis’ Nick Jarjour, Rob Stevenson of 300, Andrew McInnes of TMWRK and Jonathan Eshak and Michael McDonald of Mick Management.
The value of the funding round was not disclosed, but MBW understands it was an eight-figure sum.
HIFI launched in the United States in 2020 with major league supporters including Matt Pincus, who joined HIFI’s board of directors and is an investor through its financial vehicle MUSIC – a joint venture with LionTree.
Founded by Damian Manning (CEO), HIFI STEREO markets itself as a “financial rights organization” and claims to “build innovative products and services that work in concert to financially empower the creative class”.
Other investors in this round include Internet Money’s Taz Taylor and Nick Mira, Diplo, 3LAU, G-Eazy, A-Trak, Hayden James and the legendary Quincy Jones.
HIFI has also attracted investment from Jamil Davis and Matt Bauerschmidt of The Revels Group, Daniel “Birdman Zoe” Desir of Timeless Music Entertainment, Steve Martocci of Splice, John Josephson of SESAC, Alex Black of Hipgnosis, Steve Satterthwaite of Red Light Management, Ollie Hammett and Seth from Campfire Songs. Kallen, Jason Ve of 88rising, Bret Disend of Ozone Entertainment, Jonny Gordon of 1916, Andre Cisco II of Dead Logic, Justin Kobay of LLBM, Scott Adair of London & Co, Josh Klein of TKG and music lawyer Gene Salomon of Gang, Tyre, Rower, Brown & Passman.
Additionally, music publishing veteran Matt Pincus participated in the round through his investment vehicle MUSIC, a joint venture with LionTree.
Pincus was previously the founder and CEO of SONGS Music Publishing which was acquired for a nine-figure sum in 2017 by a fund managed by Kobalt Capital.
He is joined by other notable investors such as venture capital firm Lerer Hippeau, Swedish family office Bonnier Group, holding company Eldridge, co-founders of Chord Music Partners Dundee Partners, LGBTQ+ union Gaingels, l angel investor Abe Burns, former Airbnb Experiences head Joe Zadeh, OpenGov Co – Founder and CEO Zac Bookman, Fundera co-founder and CEO Jared Hecht and former Spotify chief economist Will Page.
HIFI says “thousands of independent creators”, including recording artists, producers and songwriters, and their teams have signed up to use its Royalties Dashboard product, a financial platform that aggregates record label data. , distribution services, PROs, music publishers and others.
The company says it launched support for artists signed to major labels and publishers last year, and recently released an Enterprise version of its dashboard built in partnership with “more than a dozen major music management companies.” ‘business”.
Elsewhere, HIFI says it is launching an “enhanced royalty acceleration service” this year, which it says has been aided by its recent acquisition of Warner Music Group and Techstars Music-backed start-up The Music. fund.
The Music Fund provides funding solutions to artists based on the streaming performance of their music on digital services such as Spotify and Apple Music.
“The support we are receiving from artists and their allies is truly unprecedented and speaks to how important our mission is to provide financial transparency and independence to creators in the music industry.”
Damian Manning, HIFI
“The support we’re receiving from artists and their allies is truly unprecedented and speaks to how critical our mission is to provide financial transparency and independence to creators in the music industry,” said Damian Manning, Founder and CEO of HIFI.
“This strategic capital will accelerate the expansion of HIFI’s financial infrastructure and technology, reinforcing our commitment to empower creators directly with essential business insights and increased liquidity to fuel their careers.”
Manning added, “It’s a huge validation that the management teams and financial firms that manage the affairs of the world’s top artists have joined our mission.
“Artists are releasing more content than ever before, with multiple collaborators and through multiple distribution channels, including blockchain.
“Our goal with HIFI is to ensure creators at all stages and their teams have a complete picture of what they’re earning and access to the cash they need to make optimal long-term career decisions. term.”
“As the music industry evolves through the era of streaming and into the web3, HIFI is the single point of integration where creators can access and analyze their finances across sources in real time.”
Matt Pincus
Matt Pincus, Co-Founder and CEO of MUSIC, Investor and Board Member of HIFI, said, “As the music industry evolves through the era of streaming and into the web3, HIFI is the single point of integration where creators can access and analyze their finances across sources. in real time.
“With this new round of strategic capital and the recent launch of HIFI Enterprise, the world’s top artists are now seeing what the independent community has long known: HIFI is essential to empowering creators to maximize their financial resources.”
“The possibilities are endless with HIFI and creatives coming together.”
quincy jones
Quincy Jones said, “It makes me smile to see artists succeed on their own terms and without compromise. The possibilities are endless with HIFI and creatives coming together.
“HIFI’s insights are critical to understanding the value creators generate in the marketplace.”
Gee Roberson
Gee Roberson said, “HIFI insights are critical to understanding the value creators generate in the marketplace.”
“HIFI helps creators maximize their financial benefit. And it is a superpower in this sector.
Taz Taylor
Taz Taylor said, “HIFI helps creators maximize their financial benefit. And it is a superpower in this sector.
“HIFI brings long-awaited transparency to the historically opaque economics of the music industry.”
3LAU
3LAU said, “For artists today seeking limitless opportunity, HIFI provides long-awaited transparency to the historically opaque economics of the music industry.”
“HIFI is resetting the momentum of the industry, allowing more artists to invest in themselves.”
G-Eazy
G-Eazy added, “HIFI is resetting the dynamics of the industry, allowing more artists to invest in themselves.”
“As business leaders, HIFI helps us make sure we don’t leave our customers’ money on the table.”
Justin Kobay
Justin Kobay added, “As business leaders, HIFI helps us make sure we don’t leave any of our customers’ money on the table.”
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