[TechUkraine news] Music interaction network Show4me has raised $15 million

Show4me, a music interaction network, has raised a $15 million investment. The funding round was led by a German investment firm, the name of which has not been disclosed.

  • The company will use the funds to intensify its competing ability in the European market and further develop the product. In particular, the development and launch of a metaverse for artists on the platform.
  • Show4me was launched in 2015 by Karen Chiftalaryan and 11 other partners. It is the second funding round for the startup; previously, show4me had raised $12.8 million from a British IT investment company. According to Chiftalaryan, the startup already has about $30 million in investments together with the contributions of the founders.
  • Today there are over 30,000 musicians registered on the platform. Every month Show4me has 3,000-5,000 new registrations from artists. At the moment, the main task of the startup is to increase the number of users brought to the platform by the musicians themselves.
  • The service is available in 198 countries. It does not work in Ukraine yet. Show4me plans to launch in the Ukrainian market in Q1 2022. So far, payments from Ukraine are not accepted. The main startup markets are the United States (50% of business) and the EU (30%). The other markets make no more than 20%.
  • Currently, the startup is not profitable, but according to Karen Chiftalaryan, it can achieve self-sufficiency by the end of 2022. Show4me now employs over 70 people. It has offices in Berlin and London. There is currently no office in Ukraine.

via AIN