Groningen music service Chordify just launched a crowdfunding campaign on Symbid and is looking for investors, in return for 7.2% equity in the company. The startup wants to use the invested amount to grow into the biggest online music education platform worldwide within the next few years. The crowdfunding campaign will run from November 30 to December 30 and is doing very well so far, with currently €61,940 (34% of the €180,000 goal) already pledged by backers. The minimum investment for backers is €20.
Chordify is an online music service, made for and by music enthusiasts, that transforms music from YouTube, Deezer, SoundCloud or your private collection into chords. The service automatically recognizes chords from the audio signal, and aligns them to the music in a simple and intuitive player.
Around 90% of people learning to play an instrument quit in their first year. Music lessons are expensive and exercises can be both repetitive and boring. Chordify wants to drastically lower that percentage, by reshaping music education and making it as easy as possible to learn your favorite music and play the songs you want to play.
The Chordify WebApp has been up and running since January 2013. Since then, the company has grown steadily and organically, welcoming over 42 million unique visitors to the platform. 4.7 Million songs have been chordified by users and 540,000 people have registered to the service. Every day, users spend well over 4,000 hours on Chordify, playing along with +20,000 songs. 30% of registered users return every month, spending an average of 17 minutes per session on our platform.
In its three years, the startup received a lot of international acclaim, winning the Dutch Pitch Session at the Northside Festival in New York in 2014 and the San Francisco MusicTech Summit Startup competition in 2015. They were also selected to pitch during The Next Web Conference in New York and were showcased during the SXSW Festival in Austin Texas.
Becoming the biggest platform worldwide
Chordify works closely with the Utrecht University and leading international researchers in the field of music technology (the same research group that brought forth successful startups like Deezer, Last.fm and Shazam) to continuously develop and improve the chord recognition software. Chordify also recently launched an iOS app and an embedded music player.
In order to maintain the technological lead and speed up new developments and features, Chordify is now looking for investors, through the equity crowdfunding platform Symbid. Currently, €61,940 of the total goal of €180,000 has already been pledged by backers, with the campaign running until December 30.
Mobile and social
At its core, Chordify is a WebApp, along with a newly released app for iPhone and iPad. However, in the near future, mobile use will become increasingly important, which is why a part of the funds will be invested in developing an Android app, next to the existing iOS app. Premium features will also be added to both apps, creating a whole new revenue stream.
Music is something you make together, with friends or your music teacher. This is why part of the investments will be used to transform Chordify into a social platform, with an emphasis on encouraging interaction between users, for example by making it possible to share your progress and taste in music with other users on the platform.
Influencers in the music industry will also be used as brand ambassadors, with the further development of the embedded music player, allowing third parties to use and integrate the Chordify experience into their own website. Musicians, festivals, and music teachers will be able to use the Chordify player on their own website.
Contrary to more well known platforms like Kickstarter, Symbid is an equity based crowdfunding platform, meaning backers will become shareholder of Chordify in return for their investments. With a co-operation especially founded for this purpose, investors can participate in Chordify as shareholders. Using Symbid will take away a lot of obstacles for potential investors as well; funds can be pledged within minutes and the minimum amount is only €20. The yield is determined by the increase in value of Chordify within a 3-5 year exit. Chordify’s ambition and goal is to grow up to 5 times larger during this period.
Become a shareholder too and join the revolution in online music education. Invest in Chordify.