Photo credit: Bridger ScottAudio Up has raised an additional $10 million in a Series C funding round focused on expanding its music and podcasts.
Fast-growing media company Audio Up has announced the first closing of its Series C funding round, raising an additional $10 million. The company has raised over $20 million for him and has a pre-money valuation of $150 million.
Audio Up founder and CEO Jared Gutstadt (center) said: “Organizing our business around a small group of media companies and big names in entertainment allows us to grow like no other.”
Launched in 2020, Audio Up pioneered a way for consumers to discover new music, making a name for themselves by unlocking original music in their podcast properties. Among the top investors in the latest round was Ben Lurie, who will also join the company’s board of directors.
“Jared is a great visionary in the media space and I am betting on his leadership,” Lurie said.
The company’s combined Series A and B funding in fall 2021 includes The Weeknd, Wassim “Sal” Slaiby, Larry Rudolph, Entertainment One CEO Darren Throop, producers Will Ward and Howard Draft. included a list of prominent investors in It also includes top media entities such as SiriusXM, MGM-Amazon, Primary Wave and Reservoir Media.
Audio Up’s funding will continue to strengthen the music side of the business and further build out the joint venture with Universal Music Publishing Group that it launched earlier this year. The company’s biggest goals for 2023 include building a new studio and post-production facility in Nashville to strengthen its vertical integration strategy and complement its Los Angeles-based operations, including Brentwood’s Audio and His Chateau. includes.
The Nashville location, dubbed Audio Chateau South, has become an outpost for podcast and music creators, including collaborators such as Miranda Lambert, Florida Georgia Line’s Brian Kelly, Breland, Willie Jones, Scarlett Burke, and Elle King, and will open in 2023. More artists are to be announced. .
Additionally, Series C funding will support the creation of new podcasts, music, and other audio content. Other artists Audio Up has collaborated with include Nas, Machine Gun Kelly, 24kGoldn, Iann Dior, Maejor, Nile Rodgers, Nessa Barrett, Travis Barker, Trippie Redd and Poo Bear.