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Funding

Music licensing startup Melodie charts $1 million bridge round

- May 18, 2024 2 MIN READ
Melodie founder Evan Buist
Melodie founder Evan Buist
Australian music licensing startup Melodie has banked $1 million in a bridging round ahead of plans for a major raise next year.

The convertible note investment will form part of the 2025 round. Melodie previously raised $1 million at a $15 million valuation just over 12 months ago, and $600,000 in September 2021. Code Barrel founder Nick Menere, and The Drop Festival co-owner Peter Strain are among its backers.

The new funding follows hot on the heels of several accolades for the business and its founder Evan Buist, who was recognised in the CEO Magazine awards with a highly commended in the Entrepreneur of the Year category, while the NAB Show in Las Vegas last month named the Sydney startup Product of the Year, while Acquisition International awards declared Melodie music platform of the year for APAC.

Melodie was founded in November 2017 as a simple solution for content creators seeking to find and license high-quality music. It now has a catalogue of more than 25,000 exclusive, high-quality tracks by award-winning composers and independent artists globally. 

Buist said the bridge round would help to fuel strategic partnerships and international growth, ahead of setting up Melodie’s first European office in France this year.

“As we mark our sixth year of operation, we are building closer relationships with our partners, and broadening our global presence,” he said.

“Three of the world’s four largest royalty markets are France, the UK and Germany. With more than 20 million minutes of our music now broadcast on FTA and VOD platforms in Australia alone, we are looking to replicate that success in key European markets, leveraging data to create long-term, powerful strategic alliances.”

The Melodie founder said they’d had exponential annual revenue growth of between 96% and 229% over each of the past three years, includes snowballing broadcast royalty income and recurring revenue from creators, brands, broadcasters, production companies and API users, such as the US-based GoDaddy Studio.