The London-based music technology company Audoo has secured $5 million in its latest round of funding, with an investment from Sir Elton John and David Furnish bringing the total figure up to $22m.
Sir Elton John – who has been a leading industry voice for artists’ rights – and David Furnish are alongside investors including ABBA’s Björn Ulvaeus, MPL Ventures, Tileyard and Edinv, who have supported Audoo’s work to revolutionise public performance royalties.
This round of investment follows key hires at Audoo including music publishing veteran Nigel Elderton as chairman and Melanie Johnson as chief commercial officer (CCO). The executives bolster the company’s growing team and board of senior experts from APRA AMCOS, BMG, Bowers & Wilkins, PRS For Music, Sony Music Publishing, and more who have joined Audoo since its formation in 2018.
Audoo provides solutions to the challenges faced in public performance royalty data collection and payment distribution for musicians worldwide with its Audoo Audio Meter and its insights platform, which is being rolled out across the UK, Europe, Australasia and Africa through various industry partnerships.
“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,” said Sir Elton. “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 and data, to help create a more transparent system for everyone, and ultimately to keep the music alive.”
Ryan Edwards, Audoo founder and CEO, said: “Being able to draw on the support of artists in our mission to revolutionise the royalty space has been key to Audoo’s success. We are proud to welcome more icons to aid the next stage of our journey. With Elton and David’s strategic investment, we continue to champion and deliver a fairer and more transparent music industry for creatives to benefit for generations to come. We look forward to welcoming more international partners, licensees and creators to join us on this industry-changing journey.”
