Sna:fu Records secured $1.2M for building a music record company.
Sna:fu Records, a Stockholm, Sweden-based startup working to build a music record agency, secured EUR 1M ($1.2M) in capital investment. The backing comes from Swedish investors, including angel Per Johansson, and money will be used to further expand the business.
Sna:fu Records was founded in 2018 by music executive Ankit Desai starting from the premise that 70% of all paid music consumption in the world is divided between 3 major companies – UMG, Sony, and Warner. However, these three account for only around 1% of all the new music that is being released today.
Sna:fu intends to build a machine learning platform that allows them to identify music pieces with the most long term potential and thusly sign them by acquiring their rights.