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The good news just keeps on coming for Bolero. A few weeks after announcing the acquisition of the largest catalogue of French rap music (owned by Belgian producer Le Motif), the French start-up has just completed a €2 million Seed round of funding.
A number of funds and investors took part in the deal, revealed this weekend by "Capital".
These include the XVC Tech fund, which specialises in the tokenisation of real-world assets, the Franco-American fund Newfund and business angels such as Sebastien Borget (The Sandbox), Thierry Boyer (Webedia), Frédéric Montagnon (Arianee), Reda Berrehili (Klub) and the artist Petit Biscuit.
Launched in 2021, Bolero is a blockchain-based music investment platform. "Technology is important, but what's more important is what it allows us to do," explains William Bailey, co-founder and CEO of the company.
Each artist, producer or composer can put a share of a catalogue or musical work up for sale, which will be bought back in the form of "Song Shares". Once the work has been sold in the form of Song Shares, "each customer of the platform owns a share of the rights, and benefits from a proportional share of the revenue generated by the track", explains William Bailey.
Currently, Bolero claims 10,000 users, with several thousand active each month. With this deal, the company, which has 9 employees, wants to continue developing its technology and beef up its teams a little.
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