Synchtank raises $5.8m in Series A funding round led by Octopus Ventures
Summary
UK-based Synchtank, a B2B SaaS company that provides asset and rights management and royalty accounting solutions for the music and media industries, has completed a $5.8 million Series A fundraise. Synchtank’s customers range from independent labels and publishers through to global enterprises such as Warner Music, NFL, Vice, and the majority of Hollywood studios amongst others. Synchtank says that it is seeing increasing demand in its core music and media segments, and is now looking to strengthen its team, improve and expand upon existing services and features, and grow its customer footprint beyond North America and Europe. “We are excited to be working with Octopus with their focus and commitment on a long-term strategy in the company, funding not only this current round but also building further finance rounds as music, media and broadcast growth continues to explode, presenting a wealth of opportunities.” Edward Keelan, B2B software investor at Octopus Ventures, added: “The rapid growth of streaming means the music industry is almost unrecognizable from a decade ago, with huge investment now flowing into rights acquisitions too. “Ultimately, its platform allows rights holders to unlock more value from their IP, which has helped Synchtank to build an already impressive roster of clients for its stage.