RABBL Raises $775k In Seed Funding Crowdfunding Service for the Live Music Industry Gains Backing to Tackle Risk & Give Fans a Voice
SAN FRANCISCO, April 2, 2014 /PRNewswire/ -- RABBL, the leading U.S. service for crowdsourcing concerts, has raised a total of $775,000 from investors, led by a $340,000 investment from Foundry Group's FG Angels Syndicate. Foundry Group reviews a large number of investment opportunities among early-stage information technology, Internet and software startups. The investment will be put towards expanding RABBL's social booking platform and increasing artist outreach activities.
Risk is the core business problem in the live music business. How many tickets can a band sell? What towns and venues should a band play? For millions of artists and venues, there are no easy answers to these questions. RABBL empowers artists by letting fans answer these questions, by reserving tickets in advance to potential shows. If enough tickets are reserved to meet the artist's goal, then the show is booked. This helps venues take a chance on new bands, it helps artists to decide to play in new places, and it gives fans a real chance, for the first time, to be involved in decision-making about where an artist performs. The $775k investment will be put towards expanding the social booking platform to offer more support and options for venues, promoters, and artists.
"We've been really pleased to see the reception that artists of all sorts have given RABBL," said Wade Lagrone, CEO and Co-Founder. "And it's a great vote of confidence that investors, too, see the same opportunity we do. So far, RABBL is proving to be a very versatile tool for breaking acts, reducing risk, and engaging fans. We expect big things in 2014 and have a lot in the works already, on our way to making social booking a huge new part of the live music business."
Over the next year, RABBL will focus on working with key artists to trial different aspects of its service, which is free to artists. And it will complete the buildout of its platform, which will connect artists, fans, promoters and venues. Currently, there are over 700 artists and 12 venues on the RABBL platform, with more added each day. To check out RABBL, please visit www.rabbl.com
Founded in 2013, RABBL is already the leading US service for crowdfunding concerts, with hundreds of artists already using its proprietary "social booking" platform to get gigs, plan tours, engage fans and lock down fill-in dates. RABBL has also partnered with leading venues in Denver, Los Angeles, New York and San Francisco. RABBL is headquartered in San Francisco, California and serves artists throughout the United States.