Paris-based Bolero has closed a successful seed funding round of $2.2 million to accelerate the development of its booming online platform for investing in music royalties. The round was led by Dubai’s XVC Tech, a leader in Web3 ventures, along with participation from returning backers Newfund and DJ/producer Petit Biscuit.
Bolero operates a decentralized marketplace that allows fans and investors to acquire fractional shares of artists’ future royalty earnings, essentially profiting from the success of hit songs. In addition to providing upfront capital to creators, the model offers everyday music enthusiasts a new way to support their favorite acts while gaining exposure to the lucrative world of music copyrights.
Since launching in early 2021, Bolero has onboarded over 60 rights holders and signed up more than 10,000 registered buyers, conducting an average $250 transactions. A key partnership was struck earlier this year with platinum-selling producer Le Motif, adding over 400 tracks and 15 diamond records to the platform. These copyrights are being gradually unlocked for investment.
“This capital increase is a major step in Bolero’s development as we celebrate our third anniversary.” said Bolero CEO William Bailey. “In addition to the funds that will enable us to accelerate our R&D and the roll-out of our model, we are welcoming to our capital-renowned investors who embody the wealth of expertise we have brought together to build a future where creators benefit from a sustainable and fair income.“
Going forward, Bolero aims to attract more institutional backers like private equity firms and digital asset exchanges. If successful in opening these new routes to capital, it could disrupt the entire music industry by unlocking billions sitting dormant in unmonetized copyrights. Artists and their supporters alike may soon have exciting new avenues to profit from the popularity of songs.
