Soundcharts, a portal which provides music market intelligence, has announced a $3.1 million (£2.8m) funding round.

Launched 11 months ago, Soundcharts is being utilised for employees’ workflow at the three majors, as well as independent labels, publishers and management companies such as Believe Digital, Songs Publishing and Ignition Management.

Soundcharts monitors social media, charts, playlists and radio airplay data in real-time as a tool for marketing and sales teams, agents and promoters, A&Rs, managers and artists. In June 2017, the Paris-based company won the 10th anniversary edition of Midemlab, the international competition for music-related startups.

“Soundcharts processes, analyses and archives a mass of information in real-time and gives meaning to this data thanks to an intuitive personalised dashboard and automated reports,” said David Weiszfeld, CEO and founder of Soundcharts (pictured). “What is magical about Soundcharts is that we help artists, managers, product managers, digital marketers, sales team, radio programmers, playlists curators and brands, as well as with the A&R discovery process. We provide a service to anyone serious about doing business with artists or more generally music content. This puts Soundcharts at a central position within the ecosystem. We are thrilled to see that many industry-leading companies chose us to power their daily workflow and we hope to keep building the platform for tomorrow’s usages and help our users execute their strategies more efficiently.”

The Series A round was led by Alven Capital, with participations from Kima Ventures and Global Founders Capital.

Jeremy Uzan, partner at Alven Capital, added: “The global music business has been dramatically changed by digitalization and the development of revolutionary new ways of producing and consuming music. As a new generation of professionals is entering this growing and changing industry, there will be space to develop a must-have SaaS [Software as a Service] platform offering real-time market intelligence. We have been really impressed by David’s vision and ambition, and by his ability to structure a highly talented tech team around him. Soundcharts is already experiencing a strong traction on the market, and we are convinced that soon every music professional will have to switch to this cutting-edge product to stay in the game.”

The company is currently recruiting to open offices in Los Angeles, New York and London.

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