With the goal of giving musicians a fair source of revenue, XVC Tech leads the €2 million seed funding round for Bolero, a decentralized platform for investing in music rights.
Bolero, a Paris-based firm that operates a music rights licensing marketplace, has raised €2 million in a seed round headed by XVC Tech, a Web3 startup located on Dubai.
In addition to XVC Tech, the round included current Newfund and angel investors, such as Belgian Le Motif, French DJ and music producer Petit Biscuit, Sébastien Borget of The Sandbox, Webedia’s Thierry Boyer, serial entrepreneur Frederic Montagnon, CEO and founder of JoinKlub and Ki Foundation Reda Berrehili, and other unidentified parties.
Bolero is developing a decentralized music rights investment infrastructure that will essentially allow fans and investors to invest in music rights and get a suitable portion of future royalties, much to what Stockholm’s anotherblock and MasterExchange are doing.
By giving fractional shares of possible future earnings via royalties, creators—whether they be producers, composers, or artists—can access an instant line of liquidity in contrast to the traditional way of monetisation that artists rely upon, which may or may not play out.
Bolero, which was established in the beginning of 2021, claims to have over 10,000 registered users and has agreements with more than 60 rights holders, with an average transaction value of $250.
Bolero had earlier this year announced a partnership with Belgian producer Le Motif, who is now an investor. As a result, more than 400 tracks from the LEMOTIF LTD catalog were added to Bolero’s repertoire, which includes no fewer than 15 diamond records, 13 platinum and double platinum records, and 25 gold records.
This repertoire, which includes 150 pieces by artists such as JuL, Wizkid, Cerrone, Headie One, Tiakola, Gazo, Morad, ElGrandeToto, and others, is progressively releasing the editorial rights.
The company states that as part of the financing round, it now wishes to go beyond individual investments and is focusing on exchange platforms, professionals in finance, and private investors.
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