Professional social networking app Vampr has raised a further £570,000 ahead of an upcoming Series A funding round, bringing its total funding raised to £1.9m.
Founded in 2015 by musician and tech entrepreneur Baz Palmer and The Music Network’s 30 Under 30 Power Player Josh Simons, the platform helps creatives find people to collaborate with, create new music and monetise their work.
In what the startup described as an “oversubscribed crowdfunding round”, the company raised the maximum permitted in a 12-month window under Reg CF laws with over 2,000 investors.
Dubbed “Linkedin for creatives”, Vampr has built up a network of over 750,000 people, providing users with tools for distribution, publishing and education.
The startup’s premium service, Vampr Pro, includes digital distribution, allowing users to share their music on music streaming platforms such as Spotify, Apple Music and YouTube while keeping 100% of their royalties.
The Covid-19 pandemic has meant that many professionals in the creative industry have lost out on income due to the impact lockdown measures have had on live performances. As a result, many are looking for alternative ways of reaching audiences.
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Vampr said in the past year its monthly active users grew by 400% and it has experienced a 1,273% increase in revenue. It has also expanded its teams in its Nashville and London offices.
The startup said that the funding will go towards further expansion with a new live streaming tool to allow creatives to broadcast their performances.
According to Vampr, investors in the platform include music industry executives at Warner, Sony and Beatport, institutional investors and National Hockey League players.
Josh Simons, Vampr’s co-founder and CEO, said:
“We are thrilled to have successfully closed another equity crowdfunding campaign. I want to thank each and every one of our 2,054 investors, many of them also Vampr users, my team for supporting Baz and I throughout the raise, and of course the entire Vampr community which continues to blossom as the platform improves.”