High-profile investors back music tech firm with $20m
Pirate Studios, the music tech company which operates fully automated rehearsal and recording studios, has secured an investment of $20 million from London-based Talis Capital.
The funding will enable Pirate Studios to continue its expansion across the UK, Germany and the US, where it has been building a community of musicians, DJs, producers and podcasters who need access to professional studios.
The business has also raised money from a syndicate of high-profile investors including Eric Archambeau (Spotify investor and ex partner at Benchmark & Wellington Partners), Bart Swanson of Horizons Ventures and partners of Gaw Capital, the $20 billion Hong Kong-headquartered creative proptech fund.
"When we founded Pirate Studios our dream was to create innovative spaces to support emerging talent," said co-founder and CEO of Pirate Studios David Borrie.
He added: "We are building both the physical space to create, as well as the technology to record and share, that puts power back into the hands of musicians in a period when the digitisation of music continues to radically upset the old order of this industry."
Pirate Studios began in an abandoned police station in Bristol, where Borrie and fellow co-founder Mikey Hammerton worked together with friend Fred Wyatt to build a rehearsal studio which they offered on a time-share basis to bands.
Borrie and Hammerton then saw the opportunity to develop the concept to hourly rental, self-service music studios and began working on a solution together with Matus Maar from Talis Capital who joined as fellow co-founder.
Pirate now operates 350 studios in 21 locations, including London, New York and Berlin.
The company attributes a large part of its success to its technology platform, which offers online booking, 24-hour keycode access, automated recording, HD live streaming and IoT control of their studios.
Matus Maar added: "The music industry has changed fundamentally. Distribution was previously controlled by the major record labels, preventing the majority of artists from sharing their content.
"Pirate Studios has unpicked that hegemony and is putting the power back in artists’ hands, unlocking a significant and largely untapped market opportunity.
"We greatly look forward to continuing to partner with David and the team to make this vision a reality."
After the fundraise, Eric Archambeau will join David Borrie, Matus Maar and Bart Swanson on the board of Pirate Studios.