Organic music investment website Slicethepie, which exists to allow music fans to discover and invest in new music talent, has got some serious investment itself. The web firm has announced it has brought in third round funding of $2 million, with Microsoft UK director Mark Taylor, Mears Group chairman/CEO Bob Holt and Datacash founder Gavin Breeze among those backing the venture.
Slicethepie, which itself lets anyone of any financial means invest in new music, has so far financed 13 artists so that they can record an album. The first album release from a Slicethepie funded artist was released this week - coming from Greenwich four piece The Alps.
Artists sign up to the service by paying twenty quid. Users of the Slicethepie website are then invited to invest in signed up bands. When a band gets £15,000 of support from users they are ready to start work on an album. The site's owners reckon that if backed artists sell 1000 albums then those who invested in them will have recouped on their investment. They will continue to make an income from album sales, though the rights to the master recording and songs remain with the artists.