VANCOUVER, BC, Dec. 6, 2023 /PRNewswire/ — Renaissance, a leading platform for music superfans, has previously raised $2.3M CAD led by Blockchain Founders Fund and pre-seed led by Panache Ventures. The new funding (the extension by Blockchain Founders Fund) enables Renaissance to 3x its active users while onboarding 1,000+ artists onto the platform, which unlocks a new revenue stream for those artists.
Since 2021, Renaissance has experienced dramatic growth across its mobile and web applications which has crossed 1M installs with zero marketing spend amongst superfans globally. Renaissance tracks over 150M streams per month in real-time for their users and has seen over 200M participants across Streaming Parties.
Goldman Sach’s, Music in the Air report, predicts that direct monetization of music super fans will result in over $4B in incremental revenue for artists globally by 2030. “Our data shows superfans are spending 8.5x the average music listener which creates a massive opportunity for artists,” said Arpan Deol, co-founder and CEO.
“The Renaissance team has put their deep domain expertise in music distribution to help artists reach the top 1% of their fans – otherwise known as “superfans”. They’re building a product that all artists will use one day to build stronger connections with their audiences,” said Patrick Lor, Managing Partner at Panache Ventures.
Renaissance’s mobile & web app allows fans to track their streams in real-time, enter exclusive artist giveaways, and join streaming parties and communities around their favourite artists. Alongside that, their artist platform plugs directly into the mobile/web apps enabling a seamless experience for the artist to connect with their most-engaged fans. “With an exciting lineup of new features in the pipeline, we’re building the ultimate platform for artists and superfans to connect like never before,” said Devon Ulrich, co-founder and COO.
“They are obsessively focused on providing superfans of artists the best experience possible. Superfans spend more time and money on their favorite artists than anyone, yet are under-served. Renaissance has created a truly interactive experience fans love and want to keep coming back to. And it shows in their incredible growth in a short time.” said Tobi Bauer, Partner at Blockchain Founders Fund
“Ultimately, this fresh funding enables us to move faster towards our goal of being the industry standard when it comes to artist-fan relationships globally,” said Deol. The round is a mixture of venture funding and non-dilutive funding through grant programs in Canada.
Renaissance is a leading fan engagement platform uniting music superfans globally. With Renaissance, artists will unlock a brand new revenue stream, direct-to-superfan and utilize exclusive tools to connect deeply with their superfans. For fans, they can track their streams in real-time, connect with our fans with Streaming Parties, and enter weekly giveaways.
About Panache Ventures
Panache Ventures is Canada’s most active pre-seed stage venture capital fund. Panache is led by a team of experienced operators, with a strong angel investor track record, years of institutional VC experience and a strong network in Canada, in Silicon Valley and worldwide. The fund has a founders-first philosophy, a commitment to diversity and strategically coinvests with smart angel investors and early-stage funds.
About Blockchain Founders Fund
Blockchain Founders Fund (BFF) is a leading early stage (seed and pre-seed) Web3 Venture Capital fund which invests in top-tier founders globally. Our backers include a strategic mix of the leading firms in the crypto and traditional finance world. We invest in highly-promising startups taking a go-to-market focus and a hands-on approach to drive value. BFF helps curate strategic partnerships, hire talent, accelerate growth and ensure portfolio founders are well capitalized. Our team is comprised of builders and operators that have scaled many of the leading Blockchain startups and are on a mission to support all-star teams shaping the Web3 industry.
Originally published at https://www.prnewswire.com/news-releases/renaissance-a-platform-for-music-superfans-and-artists-emerges-with-1m-organic-downloads-and-fresh-funding-302007595.html
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