WholeWorldBand has received 5 million euros in Series A funding. IIU and Balderton Capital led the round. WholeWorldBand is a music platform that combines audio and video to create a virtual recording studio.
(Dublin, Ireland) May 22, 2014 — WholeWorldBand, the unique new iPad and iPhone app that allows users anywhere in the world to record music and video in a virtual studio with anyone, including their musical heroes, has closed an A round of €5 million led by IIU and Balderton Capital.
Founded by award-winning music video director and 10cc member Kevin Godley, WholeWorldBand is a new way for people around the world to make music together. Think of it as your own multi-track version of YouTube where you can record with anyone, anywhere, with an army of major recording artists, including Ronnie Wood (The Rolling Stones), Stewart Copeland (The Police), Dave Stewart (Eurythmics), David Gray, Passenger, and others.
Everyone from famous professionals to complete beginners can work together to create great songs and visuals using just the camera and microphone in their iOS device – and then share their Video Mixes directly to YouTube, Facebook, Soundcloud, and Twitter.
A WholeWorldBand “Seed Session” is the starting point for each “Video Mix.” Seed Sessions are music video recordings that anyone can sing or play along to and become a music video producer by creating a Video Mix with up to six simultaneous tracks. Alternatively, users can upload their own Seed Session and let others add to it. Anyone can contribute to WholeWorldBand, perform with music legends and friends, and share the results on social media outlets, whatever the level of their musical ability.
Barry Maloney of Balderton Capital said, “WholeWorldBand creates a new revenue model for Artists and is underpinned by a world class rights management system. Balderton Capital sees enormous potential in WholeWorldBand.”
Crucially, WholeWorldBand has pioneered a sophisticated digital rights management system that enables artists to earn revenue for their work. WholeWorldBand sets up all of the required performance royalty contracts when you create a Seed Session or contribute to one. If you create a Seed Session, you share in the revenue generated by those contributing to your track. Or if you contribute to an existing Seed Session and your work gets used you get paid; and with major artists already uploading Seed Sessions, this gives everyone a chance to potentially play on a major hit record.
“According to the IFPI Digital Music Report 2014, record labels are making more money from fan-based music videos than the companies are from their official releases,” said WholeWorldBand CEO John Holland. “The current generation of video creation tools are complex and hard to use. Giving fans an easy-to-use app that allows them to create fun videos with their favourite artists effectively brings this ability into the mass market mainstream and encourages increased engagement. Several artists on WholeWorldBand want to release fan generated versions of their music, so we are creating a win-win environment for fans and artists.”
For more info, go to www.wholeworldband.com and download the app from the Apple iTunes App Store – it’s FREE!
International Investment and Underwriting (IIU) is an equity investment, private equity and corporate finance management company that provides services to the investments ultimately owned by Mr. Dermot Desmond. It is based in the IFSC and is regulated by the Central Bank of Ireland.
Dermot Desmond / IIU have a strong reputation as innovative and successful long- term investors and partners. The group has investment / partnering pedigree across a number of sectors including finance, transport, technology, leisure, health and natural resources. The group philosophy is to make long term equity investments that build sustainable value – often by partnering with management teams and / or other investors from inception.
About Balderton Capital
Balderton Capital is one of the largest venture capital firms in Europe, committed to finding and helping talented entrepreneurs build great companies. Based in London, the firm manages $2.3 billion.
Since 2000, Balderton has invested in over 100 companies, principally across Europe. Notable realised investments include NaturalMotion (the mobile gaming developer, sold to Zynga in 2014), Betfair (the online betting exchange, 2010 IPO), LOVEFiLM (the home entertainment subscription service, sold to Amazon in 2011), MySQL (the open-source database software, sold to Sun Microsystems in 2008) and YOOX Group (the online retailer of leading fashion brands, IPO in 2009). The current portfolio includes innovative companies such as 3D Hubs, Globoforce, Housetrip, Kobalt, Scytl, Talend, The Hut Group, Tictail, Wonga, Wooga and WorldStores.