Today Austin’s Set.fm officially launched and announced a $1.2 million seed round led by Golden Venture Partners.
Set.fm is a free app that helps musicians generate additional revenue and stay connected with fans.
While Set.fm is not a Canadian startup story, the seed round was led by the Toronto venture capital founded and managed by Matt Golden. Golden Ventures Partners’ Canadian poftfolio includes Wattpad, Guardly, AppHero, Top Hat, Influitive, and OMsignal.
With Set.fm Studio, artists can capture, promote, and sell recordings of their live performances. They set a price for their live set and then make the recording available for sale. Immediately after the concert, fans can download the recording from the Set.fm iOS app or from the website. During early testing, up to 15% of audiences purchased the live set.
“You go to any music venue right now, big or small, and you’ll see blue screens raised toward the stage. Fans are desperate for a better way to capture the experience of a live show,” said Matt Golden, partner, Golden Venture Partners. “Now you can go to a show, enjoy the live performance, and then download it on Set.fm and rock out in the car on your way home.”