BOCA RATON, FL, New World Angels (NWA), Florida's premier structured angel investor group, announced it has recently invested $250,000 in RecordGram's oversubscribed $1 million seed round.
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RecordGram has developed a music collaboration app that allows amateur musicians to create original songs with award-winning music producers. RecordGram breaks down barriers and empowers anyone regardless of their location or financial status to awaken their inner musician. The company has the potential to disintermediate the music industry by taking the traditional A&R (Artists & Repertoire) function out of the hands of record label executives and delivering original creative content directly to listeners. RecordGram derives revenue by charging producers an annual subscription fee to upload their beats and charging users a nominal fee to "lease" the beats.
NWA was introduced to RecordGram at a pitch event organized by the Enterprise Development Corporation (EDC) in Miami in December 2016. It was immediately apparent to NWA that RecordGram had the potential to turn the music industry upside down. With RecordGram's highly touted win at TechCrunch Disrupt NY last month, the music start-up was intensely pursued by investors from across the country. NWA is pleased to be the only angel investor group in the state of Florida to participate in the company's current round.
NWA member and due diligence team co-leader, John Benckenstein commented, "We see close to 300 requests for capital from many high-quality companies each year. We recognized RecordGram as a start-up with an extraordinary story in a huge market, strong connections within the music industry led by a dynamic team. We are excited to see where they will go."
RecordGram's Co-Founder, Erik Mendelson noted, "We have taken a number of meetings from investors both in New York and California over the last few weeks after winning TechCrunch, but we are thrilled to close our seed round with an investment from Florida-based New World Angels. Their members possess strong backgrounds in advising start-ups and we know they have a reputation for standing behind their portfolio companies. Some truly amazing developments, that I am not at liberty to discuss at this time, are on the horizon. We hope to make Miami proud."
About New World Angels:
New World Angels (NWA) is a group of 68 accredited, private investors, operators and entrepreneurs dedicated to providing equity capital to early-stage entrepreneurial companies with a strong presence in Florida. Members of NWA have extensive experience in founding, building, and managing companies in a wide variety of industries. NWA members are involved in the entrepreneurial communities from Miami Beach to Palm Beach on Florida's east coast and from Naples to Tampa on Florida's west coast. Since 2014, NWA has invested over $12MM in growing US and international companies that are either based in Florida or have a strong presence in the state. In addition to providing funding, NWA members make their expertise and resource networks available to portfolio companies to facilitate a company's growth.
RecordGram is a professional recording studio you can hold in the palm of your hand. Currently an iOS app available in the iTunes App Store, with plans to expand to Android, RecordGram lets aspiring artists work with known industry producers to combine original beats, music and video to create original content. RecordGram is led by music industry veteran, Erik Mendelson, Grammy-winning music producer Winston "Blackout" Thomas and recording artist Shawn Mims. The company was founded in 2016 and is based in Miami, Florida.