Hoopr, a music licensing marketplace, has raised $1.5 Million in a seed funding round led by 9Unicorns and Venture Catalysts. 

The funding round also saw participation from angel investors Ashneer Grover (BharatPe), Sahil Barua (Delhivery), Anshoo Sharma (Magicpin), Giri Malpani, Anuraag Srivastava (Rainshine Entertainment) and Pradyumna Agrawal (Temasek).

As per the startup, the freshly raised funds will be used towards strengthening its tech offering, including the development of an AI-powered engine that helps video creators find the right soundtrack for their videos. Additionally, a part of the fund will also be mobilised towards building a larger library of themes, songs and sound effects geared towards individual creators, brands, agencies and platforms. 

Hoopr | Royalty-free Music To Create Trending Videos

Operated by GSharp Media, a content and technology company, Hoopr allows video creators and businesses to license/ royalty-free music for videos, advertisements and films, thus enhancing engagement on their vlogs, reels, films and ad campaigns.

Speaking on the development, Gaurav Dagaonkar, Co-founder and CEO of Hoopr, said,

“We’d like to thank our investors for their belief and conviction in us. At GSharp Media, we believe in creating data and technology-driven products and brands that help creators. We will continue to invest in growing our library and building features on the Hoopr platform across the next 12 months. For me personally, the fact that Hoopr provides millions of music creators a new source of income is a very satisfying feeling.” 

Valued at $5.96 Bn in 2020, the global music publishing industry market size is projected to reach $9.35 Bn by 2028, growing at a CAGR of 5.9% during the period. 

Last week, Pocket FM, an Indian audio over-the-top (OTT) app, raised $22.4 Mn in Series B funding to build the largest community of content creators. Pocket FM plans to use the funds to increase its presence across geographies, invest in technology for better recommendations and strengthen the overall audio OTT category globally.

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