SangCash
A payment platform that saves venues money on licensing fees and pays creators of the music in those venues faster.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor | €0.0 | round | |
| investor | €0.0 | round | |
* | N/A | Seed | |
| Total Funding | 000k | ||
| USD | 2023 |
|---|---|
| Revenues | 0000 |
| EBITDA | 0000 |
| Profit | 0000 |
| EV | 0000 |
| EV / revenue | 00.0x |
| EV / EBITDA | 00.0x |
| R&D budget | 0000 |
Source: Dealroom estimates
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SangCash LLC operates as a financial technology firm focused on the music industry, specifically addressing the payment chain for live performances. The company, founded by Stephen DeGrazia, aims to rectify the lengthy delays songwriters experience in receiving royalties, which can often take up to nine months. DeGrazia, who has a background in asset management and financial planning with firms like Morgan Stanley and Vanguard, conceptualized the platform around 2018, two years before relocating to Nashville to immerse himself in the music scene. His experience growing up working in music venues and witnessing the financial struggles of songwriters firsthand fueled his mission.
Based in Nashville, Tennessee, SangCash provides a Software-as-a-Service (SaaS) platform that serves both live music venues and songwriters. For venue owners, the service allows them to track the specific songs played during performances, enabling them to pay for music licensing more accurately and avoid a one-size-fits-all fee structure. This model facilitates direct negotiation between venues and performers or songwriters. For songwriters and music publishers, SangCash acts as a financial marketplace to collect royalty payments significantly faster. The company's business model is subscription-based, generating revenue by charging venue owners for access to the platform.
By creating a more transparent ecosystem, the platform addresses a major pain point where songwriters are often the last to get paid from revenue generated by live performances. The service also includes features like secure digital wallets for songwriters to receive payments. SangCash is a graduate of the Launchpeer Incubator, a program designed to assist non-technical founders in launching tech-based startups. DeGrazia bootstrapped the company, personally investing to build the platform and challenge the established, often antiquated, systems within the music royalty industry.
Keywords: music royalty payments, songwriter royalties, live music licensing, SaaS, music fintech, Nashville startup, Stephen DeGrazia, performance rights, music payment platform, venue licensing costs, royalty collection, direct negotiation, music industry finance, Launchpeer Incubator, digital wallets for musicians, setlist tracking, performance royalty tracking, music data analysis, financial marketplace for music, faster songwriter pay