SphereTrax secures £250k pre-seed funding from Jenson Funding Partners to advance technology and drive sales.
The pre-seed round was led by Jenson Funding Partners to support technology development and marketing efforts.
SphereTrax operates a music licensing marketplace that uses blockchain technology to ensure artists retain a fairer share of royalties. The platform connects creators directly with industry professionals seeking high-end songs and soundtracks for commercial media.
SphereTrax has secured £250k in a pre-seed funding round led by Jenson Funding Partners. The company will direct the capital towards advancing technology development, alongside sales and marketing initiatives.
Founded in 2022, the music licensing platform is designed to give creators greater control over their work and a higher percentage of royalty returns. Industry professionals use the marketplace to source tracks converted to Dolby Atmos surround sound, streamlining licensing through automated contracts and blockchain payments.
From the founder
"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."
Sefi Carmel
Founder and CEO at SphereTrax
Investor perspective
"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. It’s very exciting to be investing in a company that values equality and quality in the same measure, whilst still being an easy-to-use and flexible platform. The entertainment industry has prioritised those at the top of the totem pole for too long, and SphereTrax has a solution that challenges that hegemony."
Sarah Barber
CEO, Jenson Funding Partners
Use of funds
- 01Continue product development
- 02Invest in sales and marketing
Investors
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About the company
SphereTrax
SphereTrax operates a blockchain-powered music licensing marketplace for creators and industry professionals.