Music-marketing startup Un:hurd recently raised its latest funding round for investors, but now it wants artists, managers and labels to chip in too.
The company has launched a fundraising drive on crowdfunding website Crowdcube, selling stakes in its business for as little as £15 at a pre-money valuation of £9m ($11.8m at current exchange rates).
“The crowdfunding exercise for us is a community-based one. I wanted to give back to our community who have shown so much trust in us since day one,” CEO Alex Brees told Music Ally ahead of the launch.
“This is an opportunity for those artists, managers and labels to become co-owners of Un:hurd. Essentially owning a stake in the platform they use to promote their music, being able to shape what we build and literally growing with us.”
“We feel like with this new cohort of co-owners, we’ll have a stronger community base who will share more honest and granular insights ultimately leading to a better platform.”
The crowdfunding campaign reveals a wider funding round of £851.1k for Un:hurd that does not include the amount raised through Crowdcube. It also notes that the company’s retention rate – the percentage of artists who come back to it for subsequent releases – is 82%.
Meanwhile, its average revenue per user (ARPU) for those artists using its platform to run campaigns was £20.04 by February this year.
