Music licensing marketplace Hoopr raises $1.5 million in Seed Funding Round
Mumbai based music licensing marketplace Hoopr recently announced that it has raised a sum of $1.5 million (INR 11.3 crores) in its seed round of funding led by 9Unicorns and Venture Catalysts. The round also saw keen participation from Gurugram-based Inflection Point Ventures and 91Ventures.
Marquee angel investors, including Ashneer Grover (BharatPe), Anshoo Sharma (Magicpin), Sahil Barua (Delhivery), Giri Malpani, Anuraag Srivastava (Rainshine Entertainment), and Pradyumna Agrawal (Temasek), also participated in the round.
According to reports and statements given by the company, Hoopr is likely to utilize the freshly infused funds to strengthen its technology, including an AI-enabled search engine for video creators, to find the right soundtracks. The startup would also focus on building its own library.
Expressing his delight over the recent round of fundraise, the Co-founder and CEO of Hoopr, Gaurav Dagaonkar said, “At GSharp Media we believe in creating data and technology driven products and brands that help creators. We will continue to invest in growing our library and building features on the Hoopr platform across the next 12 months. For me personally, the fact that Hoopr provides millions of music creators a new source of income is a very satisfying feeling.”
Founded in 2021, Hoopr is a part of the parent firm GSharp Media – a music-tech company started by IIM-Ahmedabad alumnus Gaurav Dagaonkar and serial entrepreneur Meghna Mittal (ex- Hubilo, Yesssworks). The parent company works on building media-tech products and plans to grow its IP offerings with the expansion of its content arm ‘Songfest’, which counts brands such as Mars Wrigley, Nestle, BharatPe, Hike, and Magicpin amongst its clients.
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