Corite secured seed capital in an investment round led by Tagehus.

Corite, a Stockholm, Sweden-based startup working to get off the ground an artist funding digital platform, announced in a press release that it secured a seed capital investment round.

The funding was led by Tagehus Holding and included Warner Music through its separately-owned company X5, as well as a range of local investors such as Danny Saucedo, Tomas Lööw, Sofie Grant and Eastate.

Corite, founded in 2018 by Emil Angervall and Mattias Tengblad (CEO), aims to develop a solution in order to enable new artists to enter the music market without traditional record labels.

The solution consists of a digital platform that allows fans to invest in music – and then enjoy a monetary reward via royalties from the likes of Spotify and Apple Music. In addition the Corite is open to empowering established artists to orchestrate independent releases as it also distributes artist music to a host of platforms including Spotify, Apple Music, Deezer, YouTube and TIDAL.