UK-based SphereTrax has secured £250,000 in a pre-seed funding round aims to launch its music marketplace on April 1st 2023.
Jenson Funding Partners were the early stage investor.
“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,” says Sarah Barber, CEO of Jenson Funding Partners.
SphereTrax was founded in 2022 by composer Sefi Carmel. It wants to put the power back into to the hands of music artists with its end-to-end licencing platform.
SphereTrax benefits those at both ends of the spectrum - creators are empowered to keep up to 75% of royalties, and the search engine feature makes it easy for industry professionals to source tracks for feature films, TV, trailers, commercials, games, VR, AR and XR.
The platform is powered by Blockchain technology Bitcoin SV to ensure a transparent licensing process, meaning payments can be made in either cash or cryptocurrencies and withdrawn immediately.
“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,” says Sefi Carmel, founder and CEO of SphereTrax.
“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,” he adds.