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Audoo raises £1.5m seed funding

Audoo, the technology start-up aiming to revolutionise music royalty distribution, has announced it has eclipsed its latest funding target by raising £1.5 million and in June 2020 is set to move its office location to Tileyard London, its newest investor.

Tileyard London is an innovative hub for creatives in the city and houses the biggest independent music community in Europe.

Located in King’s Cross, it has over 70 state-of-the-art music studios and more than 75 creative office spaces. Audoo’s new neighbours will include Beats 1 Radio, Pretty Green, Hipgnosis and Noel Gallagher’s personal studio.

Founded in 2018 by Ryan Edwards after discovering that he had not been compensated for a song that he’d written which was broadcast in a popular department store, Audoo has created a technological solution for millions of other creatives who have experienced similar circumstances.

With other backers including established music business heavyweights like Chris Herbert and Nigel Elderton, Audoo is working closely with Performance Rights Organisations (PROs) to streamline data-entry processes and royalty distribution by creating a Audio Meter to be installed in commercial spaces such as bars, gyms and retail locations.

Nick Keynes, Tileyard London Founder, stated:“What Audoo are creating finally offers true and fair insight across the music industry. Like Ryan, I was a musician and have experienced the challenges of hearing my work in public areas without compensation.

“We’re proud to have invested in such an entrepreneurial business, and cannot wait to have the team here at Tileyard within our thriving creative community.”

Audoo Founder and CEO Ryan Edwards stated: “We’re excited to have received investment from the team at Tileyard and to become a part of the most exciting music hub in Europe.

“Our mission to create a more transparent music industry will not be easy, but with incredible backers like Tileyard, it’s helps accelerate our vision.”