LOS ANGELES, Oct. 21, 2020 /PRNewswire/ -- Output, a tech company built by musicians, today announced a $45 million Series A investment from Summit Partners. This minority investment represents Output's first-ever fundraise and will support the company's continued global growth and expansion of its digital production platform, including the addition of playable instruments and mobile applications in 2021. Output will be one of the first SaaS solutions at this scale to offer loops, samples and melodic content in one unified platform for music creation.
Output's software is used in songs by Drake, Coldplay, Justin Bieber and Rihanna and musical scores including Stranger Things, Game of Thrones and Black Panther. Producers, songwriters and composers alike rely on Output's creative tools to find inspiration and break through writer's block.
While Output's core creation application Arcade was originally intended to help professionals seamlessly turn a library of tens of thousands loops and sounds into tracks, the platform's balance of simplicity and creative manipulation has drawn a growing audience of hobbyists and first-timers across 167 countries to break through the 'block' of writing their first track. The company's results speak for themselves:
- More than 50% of sessions result in the writing of a new track
- The average user locks in a track within fifteen minutes
- More than 420,000 musicians supported by the Arcade platform since 2018
- 300% increase in MRR in the last 12 months
Output was founded in 2013 by CEO Gregg Lehrman, an ASCAP-award winning composer who got his start under Hans Zimmer and later produced sounds for some of the world's most iconic music software platforms. Lehrman realized that the global community of music makers was large and growing rapidly, but the workflow was years behind other creative categories.
"Technology democratized the creation process for video and photos. It makes sense that technology adoption would transition to music making," said Lehrman, Output Founder and CEO. "We are working to inspire a new generation of music makers with a platform that brings the power of a studio to anyone, wherever they are. Summit's deep experience in consumer technology, digital media and e-commerce make them an ideal partner to help accelerate our global impact."
"We believe Output is at the forefront of digital music creation, offering a truly elegant, professional-grade platform that is accessible to music makers at all levels," said Andrew Collins, a Managing Director with Summit Partners who has joined the Output Board of Directors. "Gregg and team have built an innovative company culture and a vibrant community of musicians– and they have done it all in a thoughtful, capital efficient manner. We're thrilled to partner with them for this next phase of growth."
Output Inc. is a technology company built by musicians. Our SaaS-based music creation platform Arcade allows the world's top artists to break through writer's block, and the rest of the world to break into music making. We've become the secret sauce behind so much music you've heard, including: Kendrick Lamar, Rihanna, Justin Timberlake, Stranger Things, Black Panther and Game Of Thrones. Please visit us at www.output.com or follow us on Instagram @output.
About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $21 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 500 companies in technology, healthcare and other growth industries. These companies have completed more than 160 public equity offerings, and more than 200 have been acquired through strategic mergers and sales. Summit maintains offices in North America and Europe and invests in companies around the world. For more information, please see www.summitpartners.com or follow on LinkedIn.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11-12 Hanover Square, London, W1S 1JJ, UK. This document is intended solely to provide information regarding Summit Partners' potential financing capabilities for prospective portfolio companies.