UK

[Funding alert] Musictech Company Audoo Raises $5 million in Funding

Oct 10, 2023 | By Startup Rise EU

Musictech Company Audoo raises $5 million in funding. its latest funding round, with investors including global music and business icons Sir Elton John and David Furnish, taking its total raised to $22 million.

Musictech Company Audoo raises $5 million in funding. its latest funding round, with investors including global music and business icons Sir Elton John and David Furnish, taking its total raised to $22 million.

The capital-raising adds Sir Elton's name to those of ABBA's Bjorn Ulvaeus and MPL Ventures, Sir Paul McCartney's investment company, as backers of the five-year-old business.

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A music technology company which helps artists to receive fairer royalty payments is adding Sir Elton John to its repertoire of famous industry backers. Sky News has learnt that Sir Elton, whose appearance at this year's Glastonbury Festival drew a television audience of millions, and his husband, David Furnish, are among the investors in a new funding round for Audoo.

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Sir Elton said: "Working as a musician can be seen as all glitz and glamour but for the vast majority of artists, especially new and emerging acts, this isn't the case. It's often brutally unfair and this sadly extends into being paid correctly. Right now, artists are not being paid accurately for their plays because the data simply doesn't exist. People have given up on their dreams and we've lost talent and future stars because of this disparity. That's why we've invested in Audoo and their world-class technology, to help create a more transparent system for everyone, and ultimately to keep the music alive."

Read also - Berlin-based Vireo Ventures Secures €20 Million in Funding

The Audio Meter is now present in 10 countries across four continents, according to Audoo.
The addition of Sir Elton, whose final gig of his farewell tour took place in July, cements Audoo's share register's standing as arguably one of the most star-studded of any British start-up.

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About Audoo

Audoo, which was established by former musician Ryan Edwards, aims to address the perennial issue of public performance royalties, in order to ensure musicians are rewarded when their work is played in public venues.

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Audoo is a multi award-winning technology company revolutionising performance royalty reporting through accurate data. We’ve created the Audoo Audio Meter™, which recognises the actual music played across public performance locations, with levels of accuracy that haven’t been seen before.

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Using real-time data, our GDPR secure technology supports Performing Right Organisations (PROs) & Collective Management Organisations (CMOs) partners to digitise, streamline and scale their public performance processes.

Read also - Italian Aquaponic firm The Circle Raises €2.1M in Funding

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