Collab Capital, a pioneering early-stage investment fund, announced this month it is investing in music licensing platform Music Tech Works. It’s the second deal led by the fund and is part of a broader mission to close the racial wealth gap in the U.S.
In June, Atlanta-based Collab Capital announced its first $500,000 investment in Hairbella. Managing Partners Jewel Burks Solomon, Barry Givens, and Justin Dawkins say they have ambitious plans to build the largest fund for Black founders.
The firm aims to create black generational wealth by investing in scalable, tech-enabled, innovative companies with a minimum 51% Black ownership stake. Music Tech Works (MTW), founded by industry veterans Jarrett Hines and Bryson Nobles, is a perfect fit for their portfolio.
“For two years, we have witnessed Music Tech Works growth from an idea to a product; and we are ecstatic to become an investor to further build out their vision,” says Givens. “They are tackling a very specific problem for a large evergreen market by replacing antiquated processes with an easy-to-use software solution.”
“The continued support of Collab Capital is something we are excited to have. Solving this problem requires a lot of smart, committed people and that is exactly what we have in the Collab Capital team and their partners.”
Music Tech Works – the fund’s latest Atlanta-based investment – is a streamlined music licensing platform to help TV, film, ad agencies, and video game production companies license music for commercial productions.
This new influx of capital and support will allow the millennial music company to grow their existing music database, expand their team, and onboard new customers.
“The continued support of Collab Capital is something we are excited to have,” Music Tech Works co-founders Jarrett Hines and Bryson Nobles said in a joint statement. “Solving this problem requires a lot of smart, committed people and that is exactly what we have in the Collab Capital team and their partners.”
The music copyright research company houses one of the world’s largest rights holder databases with over 60 million songs. Music Tech Works first product, rightsholder.io, provides detailed ownership information, past use data, and connects those who want to license music with the rights holders that can grant them a license.
The system gives a completely searchable picture of publishing and master recording ownership information as well as past use data from movies, shows, and brands. The program also lets users sample any track’s audio from their extensive music database.
Collab Capital’s innovative investment model supports businesses with financial investment and access to social capital by bringing notable growth partners from various sectors to each company they fund.
As part of MTW and Collab Capital’s investment deal, Tirrell D. Whittley, founder and CEO of the multicultural marketing agency LIQUID SOUL, has been brought on as a growth partner for Music Tech Works. He will serve as a resource, mentor, and advisor for the young music-media company.
“The music and content media industries are constantly evolving due to the rapid rise of streaming and the unfortunate impacts of COVID-19,” Whittley said. “Content creators are aggressively moving to deliver fresh and much-needed products for the marketplace. Efficiency is paramount, and Jarrett and Bryson are delivering timely solutions starting with their music licensing platform.”
Whittley will be working with the MTW team to identify new transformational partnerships, talent, and potential customers from the entertainment industry.
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“I’m happy to partner with Music Tech Works and Collab Capital on this dynamic venture,” Whittley said. “Collab Capital’s unique model of instituting a growth partner is a perfect opportunity for me to assist MTW in achieving their tech and business goals.”
This announcement marks the second investment Collab Capital has made this year in support of Black-led businesses. The firm has also invested in Tracey Pickett and her beauty brand Hairbella.
For more information about Music Tech Works, visit its website.