Investment Firm Collab Capital Backs Black-Led Tech Startup Leading the Future of Music Licensing
Photo Credit: Courtesy of Collab Capital
The market for licensing streamed music has seen an uptick in the last few years, with more consumers and creators using music as part of their productions on video-streaming platforms.
In an effort to simplify the legal process involved with acquiring rights to use songs in said productions, Music Tech Works — a Black-founded music licensing platform — created a streamlined method to help assist TV, film, ad agencies, and video game production companies.
Music Tech Works was founded by music/media industry veterans Jarrett Hines and Bryson Nobles to resolve the issues that arise across TV, film, video games, and advertising when trying to obtain licensing for commercial music.
As a platform referred to as “the future of music licensing,” Music Tech Works holds one of the largest rights holder databases in the world with more than 60 million songs for its users.
The innovative music platform is looking to expand on its growing database, and will now receive financial assistance from investment fund Collab Capital to do so.
Collab Capital — an early-stage investment fund focused on Black startups — announced its investment in the tech startup today as the latest addition to the firm’s portfolio.
According to a press release, this investment marks the second deal from the fund as part of its commitment to shrink the racial wealth gap in the U.S.
“For two years, we have witnessed Music Tech Works grow from an idea to a product; and today we are ecstatic to become an investor to further build out their vision,” said Barry Givens, General Partner of Collab Capital, in a press statement. “They are tackling a very specific problem for a large evergreen market by replacing antiquated processes with an easy-to-use software solution.”
Back in June, Collab Capital announced plans to build the largest fund for Black founders by providing them with economic capital and access to professionals in their respective business fields.
The firm is focusing its efforts on building up sustainable Black-owned businesses by investing their funding in innovative tech-based companies like Music Tech Works that are paving the way for the future.
“The continued support of Collab Capital is something we are excited to have,” said co-founders Hines and Nobles. “Solving this problem requires a lot of smart, committed people and that is exactly what we have in the Collab Capital team and their partners.”
Music Tech Works’s first product offering, rightsholder.io, is a music copyright research platform that has an expansive library connecting those who want to license music with the rights holders that can grant them access.
A press release shares that rightsholder.io paints a clear and searchable picture for publishing and master recording ownership information, all while combining enterprise-level features and consumer-friendly capabilities.
With the help of Collab Capital, Hines and Nobles will have the financial backing to continue growing their extensive database, expand their team, and onboard new customers.
Collab Capital’s fresh approach to investing in startups will further support underfunded businesses through financial investment and social capital.
The firm will also bring in notable growth partners from various sectors to each company they fund who can provide industry knowledge, new mindsets, expertise, and networks that can ultimately drive scalability for these early-stage companies.
As part of their Music Tech Works investment, Collab Capital has also partnered with media and marketing executive Tirrell D. Whittley — CEO and founder of multicultural agency LIQUID SOUL.
“The music and content media industries are constantly evolving due to the rapid rise of streaming and the unfortunate impacts of COVID-19,” Whittley shared in a statement. “Content creators are aggressively moving to deliver fresh and much-needed products for the marketplace. Efficiency is paramount, and Jarrett and Bryson are delivering timely solutions starting with their music licensing platform. I’m happy to partner with Music Tech Works and Collab Capital on this dynamic venture. Collab Capital’s unique model of instituting a growth partner is a perfect opportunity for me to assist MTW in achieving their tech and business goals.”
For more information about Music Tech Works, visit its website.