Sna:fu Records secured $2.8M from a range of angel investors from Sweden.

Sna:fu Records, a Stockholm, Sweden-based startup that aims to build a music record label based on technology, completed a SEK 27M ($2.8M) capital investment round.

The funding was backed by a range of investors including angels Agnetha Fältskog, Leif Henriksson, John Bonten, and venture capital company Truesight Ventures. Money will be used for growth purposes, as the company wants to expand in Sweden and in US, where it opened a new office in Los Angeles.

Sna:fu Records, founded in 2018 and led by CEO Ankit Desai, built an AI-based piece of technology that helps identify possible future music hits by scanning and analyzing 1,500 unknown songs on a weekly basis. The company then proceeds for signing off the artists for agency representation.

Prior to this deal, in 2018, Sna:fu secured EUR 1M ($1.2M) in angel investment.