US-based BandPay is one of the startups trying to help musicians get paid for their work more efficiently. In its case, that takes the form of an app on which collaborators set milestones for their projects, with funds in escrow that are released when those milestones are hit. Now the company is getting a payment milestone of its own: a $2m funding round from an unnamed angel investor, which BandPay says it will use ‘to build its user base, starting with artists, producers, and other music professionals, as well as to continue building out features to serve them’.
Co-CEO DeCarlos Garrison said the funding will help BandPay to grow. “We see so much potential to relieve the stress artists and managers face constantly,” he said in a statement. “Financial tools make a huge difference for artists, who often have really narrow margins and limited resources to pull off ambitious projects. We’re hoping to remove one layer of uncertainty and distrust from their work and let them do more of what they really love doing.”