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OC-based streaming app Trubify launches $12M Series A funding round
Entertainment Feb 28, 2022
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Created by musicians for musicians, Trubify — a live-streaming app that offers fair pay to artists — has announced its $12 million Series A round of funding.
The app has partnered with Octane, an Orange County tech accelerator and innovation organization, providing an investment capital along with growth resources that is committed to creating more than 55,000 high paying technology jobs in Southern California by 2030.
“Trubify has grown exponentially—both nationwide and globally—and Series A funding will help us accomplish our business milestones and strategies while focusing on maximizing investor returns,” says Trubify founder and CEO Stephen Tyszka. “As a Southern California-based company, we are also aligned with Octane’s mission to enhance a growing tech ecosystem here in our own community.”
Two of Tyszka’s companies have been acquired, including fintech app Blast.com, co-founded with serial investor Walter Cruttenden, who is also the founder of Acorns, Roth Capital, iBank of eTrade, among other companies. Trubify is backed by Cruttenden, who also serves on Trubify’s Board of Advisors.
Since launching in 2021, Trubify has increased engagement on its platform by over 500 percent, while live streaming, in general, was up 266 percent that same year.
An experienced leadership team and advisors — not to mention the platform’s built-in virality — has garnered $1 million in royalty contracts in less than one year since launch, with $3 million more in advanced negotiation.
Trubify’s rapid growth is partly due to a demand for more socially responsible music consumption, but the platform has also devised features that actively assist creators in acquiring engagement and revenue — a massive benefit for artists seeking to pivot their business strategies in a music industry forever altered by the global pandemic.
“As an Octane LaunchPad Accelerator alum, Trubify epitomizes the type of innovation that synergistically ties into our mission,” says Octane CEO Bill Carpou. “Their music-streaming platform that empowers artists not only showcases the SoCal tech community but is leading the way for future innovation stemming from our ecosystem.”
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