Memphis-based music rights and technology firm Connect Music has closed an USD $80 million funding round from Rockmont Partners and Variant Investments.
Connect Music will use the investment to fund catalog acquisitions and expand the company’s music licensing operations as it scales technology aimed at independent artists and labels, according to a press release on Thursday (February 5).
The company says that it uses proprietary AI models to help artists monetize and protect their intellectual property across streaming platforms and other channels.
In 2022, Connect Music Group launched a $10 million fund for independent artists, and that same year acquired London-based artist and label services provider MTX Music.
Founded in 2020 by George Monger, Connect Music offers creators access to financing and data analytics, which it says is typically available only through major labels.
The company’s roster includes Grammy-nominated producer duo Mike & Keys, and artists Sauce Walka, Don Trip, Boosie Badazz, and Nless Entertainment/BIG30.
Connect Music President and CEO George Monger started his career managing an international touring opera singer before running a nonprofit music organization for four years. He later served as the Memphis Symphony Orchestra’s Chief Operating Officer in 2016, four years before launching Connect Music.
“George’s ability to pair operational discipline with a deep commitment to creators has been a differentiator at every stage, and we have been impressed with how he executes on his plans.”
Curt Futch, Rockmont partners
Commenting on the latest investment, Monger said: “This investment represents transformational growth capital for Connect Music and the artist partners we serve.
“It gives us the ability to grow aggressively while staying true to our mission: empowering creators to maximize their earnings while owning their art, their data, and their future.”
Curt Futch, Managing Director at Rockmont Partners, said: “We have seen Connect accelerate from a bold vision into a scaled, high-performing business.
“George’s ability to pair operational discipline with a deep commitment to creators has been a differentiator at every stage, and we have been impressed with how he executes on his plans.
“We are excited to support this next chapter and help George and the team continue building on this trajectory of sustainable, mission-driven growth for independent artists and labels.”
Richard W. Smith, CEO of FedEx Airline and International, said: “George has consistently delivered on every promise. His leadership and vision represent what’s best about Memphis: resilience, innovation, and community.”
“George has consistently delivered on every promise. His leadership and vision represent what’s best about Memphis: resilience, innovation, and community.”
Richard W. Smith, FedEx Airline and International
Monger added: “Managing artists and running a nonprofit taught me that talent alone isn’t enough. Artists deserve systems that honor their creativity and secure their future. My mission is to redefine what it means to win in music: where ownership, education, and empowerment coexist.
“This investment allows us to scale while keeping creators at the center of every decision.”
The investment comes as independent artists increasingly seek alternatives to major labels to secure financing.
In January, a new financing platform called Pipeline, backed by Matt Spetzler’s investment firm Jamen Capital, said it had raised over $200 million in capital and aimed to help independent music companies “unlock the value of their intellectual property, in order to drive growth and scale.”
“Managing artists and running a nonprofit taught me that talent alone isn’t enough. Artists deserve systems that honor their creativity and secure their future.”
George Monger, Connect Music
Prominent music financing platform beatBread, meanwhile, has deployed over $100 million across 1,700 funding agreements since its founding in 2020, the company said in December. The company raised $124 million in fresh funding last year from backers including equity capital from Citi, Deciens Capital, Mucker Capital, and Advantage Capital.
Elsewhere in January, music investment company Duetti secured $200 million in fresh financing, led by a $50 million Series C equity investment by Raine Partners, the flagship growth equity fund of The Raine Group, alongside a second $125 million private securitization and a $25 million increase of an existing credit facility.
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