The pre-seed round was led by Jenson Funding Partners to support technology development and marketing efforts.
"The industry has always been weighted against creators, giving control and rights of their work to other stakeholders. SphereTrax’s creator-first model guarantees fairness and equal opportunities, no matter where you are or how large your following is. Not only this, but quality is at the forefront of our vision with Dolby Atmos as standard – this truly sets us apart from other platforms. For artists, our platform can be used to directly connect with some of the entertainment industry’s top professionals, helping them to effectively and simply monetise their work. For industry professionals, the search engine feature means that there is a huge breadth of talent at their fingertips. The funding will enable SphereTrax to serve both sides of the entertainment industry fairly, and create more opportunities for artists."
The London marketplace will use the new capital to scale its platform and expand beyond the capital.
"I could see first hand how time consuming, mistakes were made, and hosts were spending hours managing their booking system rather than dealing with the human aspect of their business."
The funding round involves participation from existing shareholders and new investors to provide employee liquidity.
"Over the last 12 years, current and former employees of Stripes have helped build foundational economic infrastructure for millions of businesses around the world, and this transaction gives them the opportunity to access the value they've helped create. But the internet economy is still young, and the opportunities of the next 12 years will dwarf those of the recent past. There's so much to discover and to create. For us, it's now back to work."
The pricing software provider has raised £750k from backers including Nauta Capital and ACF Investors to expand its market presence.
"In a world where retailers are competing against Amazon and their army of data scientists, we are effectively bringing Amazon-style pricing capabilities to the small and medium-sized market. We support retailers through the whole pricing journey, from businesses that are just starting out to more experienced e-commerce brands."