British music tech innovator Audoo announces £7.2 million in pre-Series B funding to accelerate global growth and help artists and rights holders get paid more accurately

• New funding takes Audoo’s total investment to over £14 million, with a significant Series B round planned for mid-2022
• Latest funding more than doubles the MusicTech’s valuation in less than a year, continuing its rapid growth since creation in 2018
• Audoo is working with global industry bodies to revolutionise public performance royalty reporting with its patented technology, which ensures artists and writers receive accurate distribution of payments for music played in commercial venues

London, 13^th December 2021 – London-based MusicTech, Audoo, has today announced £7.2 million of new investment in a pre-series B funding round taking the business’ total investment to over £14 million in under three years.

Led by existing investor Edinv, with significant follow-on from Tileyard London and a new notable investor in MPL Ventures, the latest funding will be used to drive Audoo’s growth into new markets as it expands across Europe, North America and the APAC regions.

Audoo, who at the end of 2020 raised £5.2 million in Series A funding, which included investment by ABBA singer-songwriter Björn Ulvaeus, have developed a patented Audoo Audio Meter™. The Audio Meter is a small plug-in device ready to fit into a standard electrical socket, which securely monitors the music that premises (such as a bar, gym or shop) are playing. This means, for the first time, there is a viable and scalable solution to deliver accurate reporting when it comes to real world public performance – a huge step closer to artists & publishers being paid fairly and accurately for the broadcasting of their work.

Inaccurate royalty payments is one of the music industry’s largest challenges for the music industry, with artists around the world missing out on over $2.7bn every year due to Performing Right Organisations (PROs) & Collective Management Organisations (CMOs) either having to manually collect data on the music that is played in commercial venues, or relying on data analysis, profiling licence holders and often comparing them to popular radio play.

Music captured by Audoo’s Audio Meter™ is never recorded, stored or transmitted, therefore no personal identifiable information (PII) is ever captured, ensuring GDPR compliance at all times. Music is identified by Audoo’s proprietary technology, and then matched against a library of over 75 million songs, to report the exact version of the song broadcasted.

Founded in 2018 by Ryan Edwards, Audoo’s industry-leading Board includes Alexi Cory-Smith, Ex-President Repertoire & Marketing at BMG, Rick Riccobono a former vice-president at BMI Inc., Cliff Fluet, Chair of the Ivors Academy Trust, Adam Parness the former Global Head of Publishing at Spotify, and Chris Herbert, Music Manager and creator of the Spice Girls.

Audoo’s founder and CEO, Ryan Edwards, commented: 

“We are proud to have secured even more investment as part of our mission to help ensure artists are paid fairly after decades of missing out due to outdated processes. The mission is everything to us, and to have the continued support from our musical heroes like Björn further helps deliver our vision globally.

“We are committed to delivering the most accurate data for public performance to PROs & CMOs around the world, and this latest investment will help us accelerate our international expansion into key territories across Europe, North America, and APAC. We’d like to welcome our new investors and thank our existing ones for their continued support.”

ENDS