Quincy Jones Backs HIFI Eight-Figure Funding Round

HIFI, the New York-based financial rights company for the music industry, has completed a strategic funding round backed by investors, managers and Quincy Jones, Music Business World reported Wednesday (March 16).

Terms of the investment were not disclosed. Sources estimated the deal was in eight figures, the report said.

In addition to Jones, the participants in the funding round included Capitol Music Group CEO Michelle Jubelirer, Maverick’s Gee Roberson and Hipgnosis’ Nick Jarjour, among others, the report noted.

HIFI said thousands of independent creators including recording artists, producers and songwriters, have registered to use its royalties dashboard. The financial platform aggregates data from labels, distribution services, music publishers and others.

Last fall, HIFI acquired royalty payments FinTech The Music Fund (TMF) in a deal that promised to assist starving artists. At the time, HIFI said it wants to leverage TMF’s artificial intelligence that powers a “smart-pricing algorithm” that gives artists and musicians speedy upfront cash advances on a portion of their royalty income.

The quick-turn funding is typically done in less than 24 hours and provides content creators the liquidity they need without putting a lean on their work.

See also: HIFI Acquires The Music Fund Bringing AI to Bear on Sluggish Creator Economy Payments

The initiative allows music creators to keep all of their copyrights and earnings from future releases.

HIFI, which was founded in 2020, said it is collecting hundreds of millions of dollars in royalties on behalf of its creative clients and their teams.

“This powerful capability unlocks access to financial products for a broader class of emerging artists, not just creators with extensive track records,” HIFI CEO Damian Manning told PYMNTS at the time.

In 2021, the company introduced support for artists signed to major labels and publishers. Recently, HIFI issued a version of its dashboard built in partnership with more than a dozen business management firms.