Sna:fu Records to raise $6 million in a funding round led by Pophouse Ventures.

Sna:fu Records, a Stockholm, Sweden-based startup that aims to build a music record label based on technology, raised $6 million in an equity funding round.

The money was raised from investors led by Pophouse Ventures, with participation from TheVentureCollective, ABBA member Agnetha Fältskog and Academy Award and Grammy nominee Savan Kotecha.

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 - it says it signed 45 artists to its platform, including multiple Grammy winner Hit-Boy and Grammy nominees NEVADA and Kosine.

The label also unveiled two new tools: Blurry, a songwriting collaboration platform, and Fine.Art, a peer-to-peer financing program for breakout artists, that will both launch by the end of 2021.

Sna:fu Records previouly raised about $4 million, once in 2019 and another in 2018.