DART Music has completed a raise of $1.5 million, capital that will help the Nashville-based start-up continue its focus on changing how classical musicians organize and categorize digital distribution.
DART will soon file SEC documentation for the raise, according to company officials, who told the Post their seed-stage effort is complete. Now the focus will be on product development and growth, according to CEO Chris McMurtry.
DART's goal is to create and track classical music metadata, McMurtry (pictured) said. Like one of the ongoing themes at Project Music, the company’s mission is to allow classical musicians to maximize their royalties payments. DART bills itself as the first company to offer a fully automated distribution platform for classical music metadata.
“There’s not a way for an independent creator to get their music to an online store without giving up 50 percent of their royalties,” McMurtry said. “That was the organic journey that led us to start.”
DART is a recent graduate of Project Music, a music-business accelerator the Entrepreneur Center hosts.
The company, which ranks among the accelerator’s first graduating class, is noteworthy among early-stage ventures in Nashville due partially to its current partnership and past association with Apple.
DART Chief Marketing Officer Richard Jacobson stressed the company is comfortable with it focus on classical musicians.
“I wholeheartedly believe that doing the right thing and doing the profitable thing can be the same thing,” Jacobson said of a musical genre that is often overlooked and misunderstood. “That’s why DART exists and that’s what we are going to do.”
Milt Capps over at Venture Nashville has the scoop on XMi Holdings executives' plans to build out their investing lineup with a new $20 million fund that will have the freedom to invest in a variety of sectors. The fund will look to take large stakes in promising companies, a good number of them likely in health care.
It has prospects in mind for investment, drawn from among companies with which XMi executives have become familiar in recent years. And, said Phillips, it will be "turning-on the spigot for referrals."
POSTDATA: WARRANTY DEEDS