ABBA star Björn Ulvaeus took a chance on royalties startup Audoo in a $7 million fundraise after seeing this pitch deck
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- Music royalties platform Audoo recently raised $7 million in a funding round backed by ABBA singer-songwriter Björn Ulvaeus.
- The London-based firm offers copyright organizations a rolling Shazam-like service to keep track of music played by restaurants, shopping malls, and other venues.
- The music copyright industry is ripe for disruption, with industry leaders putting its global value at around $30 billion.
- Business Insider got an exclusive look at the pitch deck Audoo used to bring investors on board.
- Visit Business Insider’s homepage for more stories.
Audoo, a royalties platform that ensures artists get reimbursed when their music is played in public, just raised some serious money, money, money with the help of ABBA star Björn Ulvaeus.
Ryan Edwards, CEO and cofounder, recently announced the firm had won $7 million (or £5.2 million) in a Series A funding round backed by the ABBA frontman and existing investor Tileyard London.
Edwards himself once had a dream — and a song to sing — as frontman of rock’n’roll band The Lines, but went on to combine his passion for music with his love of technology.
The music copyright business is a winner-takes-it-all industry, with senior industry figures valuing it at around $30 billion globally. Radio stations and venues (such as stores, bars, and restaurants) usually have to buy licenses from PROs (performance rights organizations) in order to play music.
But while ticking off songs on the radio is fairly straightforward for PROs, it’s harder to keep track of what music different venues play in public. That’s where Audoo comes in.
Headquartered in King’s Cross, London, about three miles north of Waterloo, Audoo says its “audio meters” – small microphones capable of recognize songs – will allow PROs to effectively keep tabs on the music their clients broadcast.
Ulvaeus, the famed singer-songwriter who also produced both “Mamma Mia!” movies, had already sent out an SOS for such technology in a TV interview before he became aware of Audoo.
“A friend phoned me and said, ‘Have you seen Björn’s basically just described your company?'” Edwards told Business Insider. “We made a few phone calls and managed to get in front of him.
“He said then, you know, ‘If you’re ever looking for investment, feel free to send me your pitch deck’,” he added. “I almost didn’t, but once we were putting the round together, we thought we may as well. He’s been great.”
We got an exclusive look at the pitch deck Audoo used to win investment below: