Dubset Media is getting an injection of funds as it attempts to solve one of dance music’s most frustrating issues. The company, led by CEO Stephen White, announced this morning (Feb. 27) it had completed a $4 million round of Series A funding led by Boston-based equity firm Cue Ball Capital.
In 2015, Dubset — a dance-centric digital distributor based in New York City — introduced a new technology called MixBANK, which identifies individual tracks within DJ mixes, allowing copyright owners to get paid when their work is sampled or remixed within a DJ mix. Last March, the company partnered with Apple Music to stream mixes on the platform that had previously been unlicensed and thus illegal, and added partnerships with the NMPA and Sony/ATV last August (mixes are now available on most major streaming platforms).
“Cue Ball’s leadership in this investment round and strong participation from the music and venture capital community validates our approach and strong belief that artists deserve to be fairly compensated for the use of their content,” White said in a statement announcing the news. “DJs are the ultimate curators and hundreds of millions of music fans all over the world are hungry for their mixes and remixes. We look forward to being able to make this amazing content available at scale. Our investors are a diverse group that shares our belief that the music fans who love mix and remix content are a massively underserved audience who will benefit immensely from our work at Dubset.”
Two years ago, Dubset announced they had been endorsed by the likes of A-list DJs like David Guetta, Afrojack and Tiesto as they looked to get their proprietary tech off the ground. A press release accompanying today’s news added that Medianet, Neoteny 3, Resolute Venture Partners and Redwood Venture Partners were also involved in the funding round.
Story Via: Billboard