{"id":1687,"date":"2020-06-12T07:22:50","date_gmt":"2020-06-12T07:22:50","guid":{"rendered":"https:\/\/byta.com\/blog\/?p=1687"},"modified":"2023-11-29T03:50:03","modified_gmt":"2023-11-29T03:50:03","slug":"cmf-seed-round","status":"publish","type":"post","link":"https:\/\/byta.com\/blog\/announcements\/cmf-seed-round\/","title":{"rendered":"Announcing our $1.9m CAD Seed Round Led by the Canada Media Fund"},"content":{"rendered":"\n

Byta<\/a> is described as \u201cthe platform for music before it\u2019s on streaming services\u201d. Byta allows anyone to send and receive digital audio in a clean, simple and secure way. Byta\u2019s users and customers range from bedroom artists to the largest record companies in the world. <\/p>\n\n\n\n

The 1.9m CAD funding round was led by the Canada Media Fund<\/a> (CMF) and a series of private investors including musician Scott Kannberg<\/a> (founding member of 90s indie rock superstars Pavement) who came to Byta as a user – \u201cIn the old days, I would share my music with others via cassette tape or a cdr. It would take hours and lots of postage! Today, with Byta, I can share my music with bandmates, labels, promoters, writers, dj’s, etc in one click. I haven’t found anything as easy and digitally sound as Byta which is why I invested.\u201d<\/p>\n\n\n\n

Byta was founded in 2015 by CEO Marc Brown. Until recently, the company was bootstrapped by its founders. This seed round represents the first new money in the audio sharing space in over 10 years. \u201cWe built Byta from the ground up, it\u2019s the same advice I give to artists: Get everything in place yourself first, make sure you are ready, then look for outside help. Byta is ready,\u201d says Marc Brown, who has worked across the global music industry for over 20 years.<\/p>\n\n\n\n

Co-founder and Head of Product Jen Pomphrey emphasizes how privately sending files or streams\u2014tasks repeated millions of times a day\u2014is incredibly difficult to accomplish efficiently on desktop, and virtually impossible on mobile. Time is wasted, music remains unheard and artists go undiscovered. Shortcuts and insecure products result in leaks and artist\u2019s lose control over narrative and rollout. \u201cThis is the problem Byta is solving and why we are committing substantial new capital to product development,\u201d explains Jen Pomphrey.<\/p>\n\n\n\n

Byta will also be investing in our new non-profit HowWeListen Education<\/a>, <\/strong>inspired by our #HowWeListen blog interviews<\/a>. The series evolved into curated panels and talks at conferences worldwide in 2019. The strand is being further expanded in 2020, including a podcast and workshops from Tallinn to Toronto. \u201cWe are developing all kinds of new opportunities for artists, labels and industry partners\u201d says Colin MacKenzie, Byta\u2019s Head of Global Marketing.<\/p>\n\n\n\n

\u2013<\/p>\n\n\n\n

About the Canada Media Fund (CMF)<\/strong><\/p>\n\n\n\n

The CMF is a not-for-profit corporation that delivers more than $350 million in funding annually to support the Canadian television and digital media industries through two streams of funding. Byta was funded through the Commercial Projects Program<\/a>. The program is in place to fund projects that have a greater probability of commercial success. Projects are evaluated based on their potential to attain stated commercial objectives, demonstrate business opportunity and achieve profitability. <\/p>\n\n\n\n

About Byta<\/strong><\/p>\n\n\n\n

Byta<\/a> (\u201cBee-tah\u201d: the Swedish word for exchange) is run as a distributed team across three continents. <\/strong>Byta is unrivaled in taking advantage of the unique properties found in audio files – reading and writing file metadata, converting file formats and delivering fast yet secure streaming. Byta is also exceptional in being music\u2019s only Freemium Vertical SaaS, a SaaS business focusing solely on the music ecosystem. Byta\u2019s Free Plan <\/a>enables artists to efficiently share their music with their collaborators and team. Byta’s Paid Plans<\/a> offer higher security and collaborative features essential for today\u2019s largest music organisations.<\/p>\n","protected":false},"excerpt":{"rendered":"

Byta is described as \u201cthe platform for music before it\u2019s on streaming services\u201d. Byta allows anyone to send and receive digital audio in a clean, simple and secure way. Byta\u2019s users and customers range from bedroom artists to the largest record companies in the world.  The 1.9m CAD funding round was led by the Canada […]<\/p>\n","protected":false},"author":4,"featured_media":1699,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,4],"tags":[],"class_list":["post-1687","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-announcements","category-features"],"yoast_head":"\nAnnouncements : Announcing our $1.9m CAD Seed Round Led by the Canada Media Fund - Byta Blog<\/title>\n<meta name=\"description\" content=\"Announcing Byta's seed round funding led by the Canada Media Fund and private investors. 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