Invest in FonoTec — Private & Confidential

The structure

A Delaware parent over a UK operating company.

Investors subscribe for shares in FONOTEC INC., a Delaware corporation, which on closing acquires 100% of Fonotec UK Ltd — the company where the intellectual property, the ROXOFF platform, the brand assets and the existing contracts currently sit. UK holders are converted like-for-like into the Delaware parent.

The reason is not tax. It is that this company will raise a Series A and a Series B from institutional investors who expect Delaware documents, and will ultimately be acquired by or listed alongside US-domiciled buyers. Doing the flip at seed, while the cap table is simple, is materially cheaper and faster than doing it later under time pressure.

Note for UK investors. A Delaware structure will affect the availability of UK tax reliefs such as SEIS and EIS. Take independent advice on your own position before subscribing — we can introduce advisers who have handled this structure before, but we cannot advise on it.

PARENT

FONOTEC INC.

Delaware corporation. The issuing entity for this round and for every subsequent round. Holds the group and employs the US-facing commercial team.

SUBSIDIARY

Fonotec UK Ltd

Wholly owned on closing. Holds the IP, the ROXOFF platform and the brand assets. Continues as the UK operating company for A&R, label operations and catalogue.

TEAMS

Berlin & London

Engineering in Berlin from Q1 2027, ten full-time engineers and growing. A&R, label operations and in-house rights counsel in London.

01 — The thesis

Every category with a broken middleman got rebuilt. Music didn't.

Taxis had dispatch offices. Hotels had chains. Media had publishers. In each case a platform removed the ownership requirement, kept a small take rate, and grew far larger than the incumbent it replaced — because it made the supply side rich enough to keep supplying. Recorded music is the last major category where the middleman still demands the asset as the price of admission.

Category	The old middleman	What it demanded	The platform	What changed
Taxis	Licence holders & dispatch	Owned the medallion and the car	Uber	Drivers kept the car; the platform took a fee
Hotels	Chains & operators	Owned the building	Airbnb	Hosts kept the property; the platform took a fee
Media	Publishers & broadcasters	Owned distribution	The social platforms	Creators kept the audience; the platform took the ads
Recorded music	Labels & DSPs	Owns the master, the publishing and the fan	FonoTec	Artists keep everything; the platform takes 15%

85 / 15

The split that unlocks supply

Supply-side platforms win by being obviously worth joining. 85% is high enough that switching is a rational decision for a working artist, and 15% is enough to run engineering, clearance and enterprise sales at scale.

2 sides

A marketplace, not a service

Artists are the supply. Global brands and our own stations are the demand. Both sides are painfully under-served today, and each new participant makes the platform more valuable to the other.

Asset-light

No catalogue to buy

We acquire no masters and pay no advances. The capital goes into the machine, not into rights — which is exactly why the economics can support an 85% artist share.

02 — The market

A $31.7 billion industry with a hole in the middle of it.

Recorded music is growing, streaming is growing, performance rights are growing. One line is going backwards — and it is the one that tells you where the opportunity is.

$31.7bnGlobal recorded music trade revenue, 2025

+6.4%Growth · eleventh consecutive year

$22bnStreaming · 69.6% of the total

837mPaid streaming subscribers worldwide

$2.9bnPerformance rights revenue

The number that matters

Sync revenue fell 2% to $600 million.

In a year when every other line in the industry grew, the commercial licensing of music — putting a record into an advert, a show, a game, a space — shrank. Global sync is now worth less than 2% of recorded music.

That is not a demand problem. Brands, agencies, broadcasters and platforms want more music, not less. It is a friction problem: finding the rights holders, agreeing terms and clearing a use takes weeks or months and costs more than most uses are worth, so the use simply never happens and nobody gets paid.

FonoTec's clearance engine is aimed directly at that gap. We are not fighting for a share of the $600m. We are building the infrastructure that makes the uses which currently never happen, happen.

How the clearance engine works →

SUPPLY SIDE

Millions of creators, almost none earning

Creation tools have collapsed in price and the number of people releasing music has exploded. The overwhelming majority earn nothing meaningful. The talent exists, is skilled, and is unmonetised.

DEMAND SIDE

Commercial audio, spent badly

Global brands spend heavily on licensed background audio across hundreds of thousands of sites, buying interchangeable catalogue from a handful of vendors. The money is already being spent; it is going somewhere culturally worthless.

THE SHIFT

Independents are taking share

The three majors hold roughly 65–70% of global revenue, but the independent sector has taken 36–40% of total revenue through direct-to-fan platforms — and that share is climbing without anyone having built infrastructure for it.

Where FonoTec's revenue comes from

Pool	Size	Our position	2031 modelled net revenue
Direct-to-fan sales	Part of the independents' 36–40% share	15% take rate on artist storefronts, memberships and tickets	$47.9M
Commercial background audio	A multi-billion vendor market across retail, hospitality, QSR and healthcare	Owned stations plus branded enterprise stations	$91.6M
Sync, licensing & UGC clearance	$600m of reported sync, plus $2.9bn of performance rights, plus the uses that never get cleared at all	The clearance engine	$96.6M
Total	—	—	$236.0M

Market figures from IFPI Global Music Report 2026 (covering 2025) and industry market-share reporting. FonoTec figures are illustrative management estimates from the group model. Note that modelled gross licence value in the clearance line exceeds reported global sync revenue by 2031 — that is deliberate: the thesis is that reported sync understates latent demand because clearing a use is currently impractical.

Beachhead, not boil-the-ocean. We do not open with a global creator land-grab. We open with four owned stations that prove the engine, three enterprise concepts in three different sectors, and a single acquisition event — the DJ Awards — that delivers a dense, credible cohort of exactly the artists the platform is built for.

03 — The moat

Anyone can build a storefront. Almost nobody can fill the other side.

The defensibility is not the software. It is the combination of owned demand, an artist-acquisition channel nobody else controls, and a catalogue that gets more exclusive every year.

MOAT 01

We own the demand

ROXOFF and NHSFM are our own stations. New artists are paid from day one because we control where their music goes — we are not waiting for a third party to programme them.

MOAT 02

We own the awards

The DJ Awards is owned by the founder. That is a permanent, non-replicable channel to the most credible emerging artists in electronic music — and a launch stage no competitor can rent.

MOAT 03

Exclusive commissioned catalogue

Enterprise clients pay for music that exists nowhere else. Every year of operation deepens a proprietary catalogue that is unavailable to any competitor at any price.

MOAT 04

The reputational lock-in

85% is contractual and published. Once artists organise around it, a competitor cannot undercut us without destroying their own margin — and an incumbent cannot match it without repricing their entire back catalogue.

04 — The product

Four revenue lines. One upload.

Creator platform

Storefronts, memberships, ticketing and merch, direct to fans. High volume, low value per transaction, very high gross margin. This is the top of the funnel and the daily reason an artist opens the app.

Model · 15% take rate
Margin · c.88%
Status · Live

Owned stations

ROXOFF sells sessions and passes to the after-hours audience. NHSFM sells annual per-site licences to clinical estates. Owned inventory, commissioned catalogue, the highest margin in the group.

Model · Session + SaaS
Margin · c.80%
Status · Live / pilot

Enterprise licensing

Annual branded-station contracts with global brands across automotive, hospitality, restaurants, retail and healthcare. Large contract values, multi-year, and the line that carries the group to scale.

Model · $75k–$600k+ / yr
Margin · c.70%
Status · Concepts in market

Sync, imprint & data

Sync placement out of the commissioned catalogue, co-owned brand imprints, and anonymised performance data on how audio moves commercial behaviour — a dataset no DSP is positioned to build.

Model · Fee + rev-share
Margin · c.75%
Status · 2028

04b — Build readiness

Most seed rounds buy a hypothesis. This one buys a schedule.

The business-analysis phase is complete: six requirements workshops, a full feature list, functional maps per user type, wireframes with user stories, a selected architecture, a mapped integration list and a bottom-up estimate of 5,121 engineering hours from an engaged delivery partner. The technical discovery risk that normally consumes the first two quarters of a seed round has already been paid for.

Read the full engineering scope →

c.5%

Of the round builds the platform

The full system — mobile apps, both web applications, backend, scheduler, public site, documentation and unit tests — is around $265K. The other 95% goes into catalogue, A&R, enterprise sales and the launch.

White-label

Is the commercial strategy

One core codebase, customised per station. It is why ROXOFF and NHSFM ship from the same build, and why the eleventh enterprise client costs a fraction of the first.

05 — Competitive landscape

Our competitors are record labels. Not streaming services.

This distinction matters more than any other in the deck. Spotify and SoundCloud are distribution. They compete for listeners. FonoTec competes for artists — which puts us directly against Universal, Sony and Warner, and against the one thing they structurally cannot change.

Company	Revenue	Market cap	EV / revenue	Why they can't follow us
Universal Music Group	c.$14.1bn	c.$38.2bn	c.2.7×	Every economic in the business depends on owning the master. An 85% artist share would reprice the entire back catalogue.
Warner Music Group	c.$6.4bn	c.$13.7bn	c.2.1×	Same structural constraint, less balance sheet to absorb the transition.
Sony Music Entertainment	Not separately listed	—	—	Second in recorded music, first in publishing. Deepest rights position and therefore the most to lose.
Streaming DSPs	—	—	—	Not a competitor. Their rights deals with the majors make an 85% artist share impossible, and they have no demand side beyond listening.
Distributors & direct-to-fan	—	—	—	Pipes and storefronts. Excellent artist economics, but no demand generation and no clearance layer.
FonoTec	$236M modelled 2031	—	10× target	—

Capability matrix

Six things a music company can do for an artist. Nobody currently does more than three.

	Artist keeps master	Artist share	Direct fan sales	Generates demand	Brand / enterprise income	Instant rights clearance
Major labels Universal, Sony, Warner	No	15–25% post-recoupment	No	Yes — the core skill	Yes	No
Streaming DSPs Spotify, Apple Music	n/a	Fractions of a cent, pooled	No	Playlisting only	No	No
Direct-to-fan Bandcamp-style storefronts	Yes	c.82–90% per sale	Yes	No	No	No
Distributors DistroKid, TuneCore	Yes	100% less a flat fee	No	No	No	No
Commercial audio vendors Mood Media, Soundtrack Your Brand	n/a	Library rates, artist anonymous	No	No	Yes — the core skill	No
Production libraries Sync and stock catalogues	Often no	c.50%, frequently buy-out	No	No	Yes	Partial — pre-cleared but generic
Rights admin & societies Collecting societies, admin publishers	Yes	Collection less commission	No	No	Collects, doesn't sell	No — retrospective, not instant
FonoTec	Yes, always	85% of everything	Yes	Yes — owned stations + enterprise	Yes	Yes — the clearance engine

THREAT 01

A major decides to copy the 85%

Unlikely, and slow. Their entire economics depend on owning masters. Offering 85% on new signings while holding a back catalogue on 15–25% creates an internal repricing problem they cannot survive. If one did, it would take years and would validate the category.

THREAT 02

A DSP builds a clearance layer

The real threat, and the reason speed matters. They have the catalogue relationships and the capital. What they do not have is rights ownership by artists, or a reason for the majors to cooperate in disintermediating themselves. Our answer is to own the registry first.

THREAT 03

A well-funded startup does the same thing

Possible. The defence is not the software — it is owned demand from day one, an artist-acquisition channel nobody can rent because the founder owns it, and a commissioned catalogue that compounds in exclusivity every year.

The three majors hold roughly 65–70% of global recorded music revenue. The independent sector has taken 36–40% of total revenue through direct-to-fan platforms — and that share has been climbing without anyone building infrastructure for it. FonoTec is that infrastructure. What we take from the majors is not their catalogue; it is the artists who would otherwise have signed to them.

Figures are publicly reported as at July 2026 and are indicative — verify before quoting in a priced round.

06 — Milestones

From MVP to global launch.

2026 · Delivered

Engine, brand system and first station live

ROXOFF live in market. FonoTec brand system complete across parent and stations. Core matching and payout architecture built and running against real inventory.

Q4 2026

NHSFM pilot & enterprise concepts in market

Clinical pilot sites signed and instrumented. Three enterprise concepts — automotive, hospitality, restaurant — presented to named targets. FonoTec Inc. incorporated in Delaware.

31 January 2027 · The raise

$5.0M seed closes

Funds the full platform build, the London A&R team, the Berlin engineering team, enterprise sales and the October 2027 global launch.

Q2 2027

Teams stood up

Berlin engineering team hired and shipping. London A&R and label operations running commissioning at volume. First enterprise contracts signed and rolling out.

October 2027 · Launch

Global launch at the DJ Awards

FonoTec launches worldwide as headline sponsor of the DJ Awards. Every nominee receives twelve months of free platform access and keeps 100% of their revenue for that period.

2028

Enterprise scale & Series A

Multi-market enterprise rollout, sync and imprint lines live, and a Series A raised against contracted recurring enterprise revenue.

07 — The raise & the model

$5M, twenty-four months, three proof points already standing.

The round funds one job: get the full system platform live and launched globally in October 2027, with the teams in place to serve enterprise demand when it arrives. It does that on the back of three things that will already be proven before a dollar of it is deployed.

PROOF POINT 01 · NOV 2026

NHSFM clinical trial — The Royal Marsden

A clinical trial of zone-governed music with one of the best-known cancer centres in the world. This converts the published literature into our own evidence, and it is the strongest single asset the group can carry into healthcare procurement.

PROOF POINT 02 · 2026

ROXOFF live in market

Session pricing, the creator supply loop and the engine running at full load against real listeners and real commissioned catalogue.

PROOF POINT 03 · 2026

Wingstop app live

The first enterprise station in production. Proves the white-label architecture works for a third party, which is the whole commercial thesis of the build.

Use of funds

Use of funds	Allocation	Share	What it buys
Platform & engineering — Berlin	$1.90M	38%	Ten full-time engineers from Q1 2027, growing. Full-system build against a completed specification: creator platform, matching engine, enterprise console, payments and reporting.
A&R, label operations & catalogue — London	$1.05M	21%	A&R leadership, commissioning budget and the exclusive catalogue that enterprise contracts are sold against.
Global launch & DJ Awards rollout	$1.05M	21%	October 2027 headline sponsorship, nominee onboarding, multi-territory campaign and creative production.
Enterprise sales & partnerships	$0.55M	11%	Enterprise sales leadership plus pilot delivery capacity across automotive, hospitality, restaurant and clinical sectors.
Rights, licensing & in-house counsel	$0.45M	9%	The licensing framework and registry that the clearance engine depends on. Staffed from year one, not deferred.
Total	$5.00M	100%	Twenty-four months of runway, through global launch and into contracted enterprise revenue

Five-year group model

Built bottom-up from drivers across five revenue lines. Reported net of amounts paid through to artists — the standard marketplace presentation, and the only way the 85% artist share and the group margin can both be read honestly.

$m	2027	2028	2029	2030	2031
Creator platform	0.11	1.50	6.75	20.78	47.88
ROXOFF	0.99	3.56	9.59	21.77	38.10
NHSFM	0.14	0.95	3.60	10.50	24.20
Enterprise stations	0.29	1.44	4.56	12.87	29.26
Rights, sync & licensing	0.11	1.72	10.23	37.44	96.60
Group net revenue	1.64	9.17	34.73	103.36	236.04
Gross profit	1.29	7.42	28.86	86.94	200.23
Gross margin	78.5%	80.9%	83.1%	84.1%	84.8%
EBITDA	(2.58)	(1.84)	0.83	28.11	97.94
EBITDA margin	—	—	2.4%	27.2%	41.5%
Closing cash	2.20	24.77	24.19	45.06	118.04

ROXOFF is taken from the company's own five-year projections and converted at 1.27 USD per GBP. Operating breakeven is reached in 2029. A Series A of $25M is modelled in 2028, raised from strength rather than need.

What artists earn

The number that matters more than any other line in this model. It is the acquisition engine, the retention mechanism and the entire reason the supply side chooses us.

$836M

Distributed to artists in 2031

Across storefront sales, memberships, station rotation, enterprise licensing and rights clearance — more than three and a half times FonoTec's own revenue in the same year.

$547M

From rights clearance alone

The line that barely exists today because clearing a use is slower and more expensive than the use is worth.

Artists on the platform by 2031

Seeded by DJ Awards nominees in October 2027, then grown peer to peer by the only pitch in the industry that needs no explanation: keep your masters, keep 85%.

Illustrative returns

Scenario	2031 revenue multiple	Enterprise value	Implied EV/EBITDA	Seed stake value	MOIC
Conservative	6.0×	$1.42bn	14.5×	$191M	38.2×
Base	10.0×	$2.36bn	24.1×	$319M	63.7×
Upside	15.0×	$3.54bn	36.2×	$478M	95.6×

$5.0M at a $15.0M pre-money is 25% of the company at close. Modelling normal dilution through a $25M Series A and subsequent rounds to approximately 13.5% at exit, the base case is worth around $319M against a $2.36bn Year-5 valuation. These are arithmetic illustrations of the model above, not forecasts of return, and depend entirely on execution, dilution and market conditions. The full model, with every assumption exposed and editable, is available on request.

07b — The ten-year view

We are building a business worth $100 billion.

Stated as arithmetic rather than ambition, because the conditions are the interesting part. Here is what would have to be true.

$bn unless stated	2031	2032	2033	2034	2035	2036
Group net revenue ($m)	236	520	1,150	2,500	5,200	9,500
Revenue multiple	10×	10×	10×	11×	11×	11×
Implied enterprise value	$2.4bn	$5.2bn	$11.5bn	$27.5bn	$57.2bn	$104.5bn

The one condition that matters

FonoTec has to be valued as a platform, not as a label. Universal Music Group is worth roughly $38bn on about $14bn of revenue — a multiple of around 2.7×. At label multiples, a $100bn valuation would require some $37bn of revenue, which is more than the entire global recorded music market. At marketplace-platform multiples of 10 to 12× it requires $8–10bn.

That is not a presentational trick. It is the actual difference between the two businesses. A label owns rights and is valued on the assets it holds. FonoTec owns none, and is valued on take rate, network effects and transaction volume — exactly like the platforms that replaced the ownership-based middleman in taxis, hotels and media.

CONDITION 02

Rights becomes the dominant business

It is already the largest line by 2031. To reach $9.5bn it has to become the default clearing house for commercial and user-generated music licensing worldwide — tens of millions of transactions a year, not the two million modelled for 2031.

CONDITION 03

Artist supply compounds

One million artists becomes tens of millions. The 85% share and full rights retention are the acquisition engine; the DJ Awards is the beachhead, not the destination.

CONDITION 04

The growth rate holds

A sustained triple-digit compound rate for five more years. Few companies have done it. The ones that have are precisely the comparator set.

08 — Valuation

Priced at a discount to Spotify. On Spotify's own maths.

The 10× revenue multiple in the base case is the number most likely to be challenged, so here is the working. It is not an aspiration — it is a discount to the most obvious public comparable, on the two measures that actually matter.

	Spotify	Universal Music Group	FonoTec — 2031 base case
Revenue	c.$20.5bn	c.$14.1bn	$236M
Enterprise value	c.$95bn	c.$38bn	$2.36bn
EV / revenue	c.4.6×	c.2.7×	10.0×
Gross margin	c.31% — it licenses catalogue from the majors	Rights-owner economics	84.8% — it commissions its catalogue
EV / gross profit	c.14.9×	—	11.8×
EV / EBITDA	c.30.3×	—	24.1×

11.8×

Our multiple of gross profit

Against Spotify's 14.9×. A dollar of FonoTec revenue converts to nearly three times the gross profit of a dollar of Spotify revenue, because we do not pay the majors for catalogue. On the measure that strips out that difference, we are priced 21% below Spotify.

24.1×

Our multiple of EBITDA

Against Spotify's 30.3×. Again a discount, on a business modelled to grow considerably faster from a far smaller base.

2.7×

What a label is worth

Universal trades at roughly 2.7× revenue. If FonoTec is ever valued as a label rather than as a platform, the base case falls by three quarters. Establishing which of the two this company is, is the single most important thing in this document.

The honest version of that last point. Everything here rests on FonoTec being priced as infrastructure rather than as a catalogue. The case for that is structural, not presentational: a label is valued on the rights it owns, and we own none. We are valued on take rate, network effects and transaction volume — exactly like the platforms that replaced the ownership-based middleman in taxis, hotels and media. But an investor should price the risk that the market disagrees.

Comparable figures are publicly reported as at July 2026 and are indicative. Spotify gross margin and EV/gross-profit are derived, not reported. Verify before relying on them in a priced round.

08 — The team

Operators who have built and bought in this industry.

Government-scale platform delivery, two decades of A&R, senior engineering from Amazon and adidas, and ownership of the awards that the electronic music industry already turns up to.

Andrew Grant

Founder & CEO

Founder of TechAdVenture, owner of the DJ Awards, and the operator behind FonoTec's brand, product and commercial architecture. Twenty years building and buying businesses at the intersection of music, technology and live experience.

Markland Starkie

Chairman

Former Head of Digital Transformation for the UK Government and a Sony-signed artist — one of the very few people who has run public-sector-scale platform delivery and been on the wrong end of a record deal.

Bru Marse Ortigosa

Music Director · A&R

Twenty years in A&R for Blanco y Negro and international events producer for Circuit Festival. Builds and runs the commissioning process that keeps the catalogue supplied.

James Laing

Head of Product

Senior product manager, ten years across TravelPerk, Postmates and Oliver Wyman, plus several shipped products of his own. Owns the creator platform and the enterprise console.

Gabriel Bustamante

Engineering

Senior software engineer, eleven years at Amazon, TravelPerk and Adidas, with a long-standing specialism in music technology. Leads the matching engine.

Victor Springer

Engineering

Senior software engineer, eight years across server and client-side delivery — previously Weavii and OneFootball. Owns platform reliability and the payments pipeline.

Carlos Hatch

Community & Artist Relations

Founder and former President of international fashion brand F2NYC. Runs artist acquisition and the peer-led community growth that supplies the platform.

Niall Roxburgh

Finance

Three years of finance and operations at TechAdVenture, the investment vehicle behind FonoTec, and owner of Wolfburgh Fitness.

09 — The ask

$5,000,000 at $15M pre. Closing 31 January 2027.

FONOTEC INC., a Delaware corporation, is raising a $5.0M seed round to complete the full system platform, stand up the London A&R and Berlin engineering teams, and deliver the October 2027 global launch as headline sponsor of the DJ Awards.

The deck, the detailed five-year model and the data room are available on request to qualified investors.

Invest → Request the deck Request the full model

Swap these three links for your DocSend, data-room and calendar URLs when they're live — the buttons are already wired and styled.

invest@fonotec.co.uk · London · Berlin · Glasgow

ROUND

Seed · $5.0M at $15M pre

FONOTEC INC. (Delaware), 25% at close. Target close 31 January 2027. Lead and follow-on allocations available; UK investors should take independent advice on structure and any available relief.

RUNWAY

Twenty-four months

The seed funds 2027 and 2028 in full, taking the company through global launch and into contracted enterprise revenue before the $25M Series A.

WHAT WE WANT

More than money

We are actively looking for investors with reach into automotive, hospitality, restaurant or healthcare estates. An introduction to the right buyer is worth more to this company than the cheque.

Important. This page is a private, confidential summary provided for information only to invited recipients. It is not an offer or invitation to invest, a financial promotion, or investment advice, and no reliance should be placed on it. All figures — revenues, EBITDA, margins, valuations, multiples, dilution assumptions and illustrative returns — are forward-looking management estimates based on assumptions that may prove incorrect, are not guaranteed, and may differ materially from actual results. Applying listed-company or comparable-transaction multiples to an early-stage private company is illustrative only. Investing in early-stage companies carries significant risk, including total loss of capital, illiquidity and dilution. Brand names referenced as enterprise concepts denote target sectors and prospective partners; no agreement, endorsement or affiliation is claimed or implied. Any investment should be made only on the basis of the full deck, the detailed financial model, the constitutional documents and independent professional advice.

This page is the taster. These three documents are the story.

Investor deck

Five-year forecasts

Product & architecture roadmap

A Delaware parent over a UK operating company.

FONOTEC INC.

Fonotec UK Ltd

Berlin & London

Every category with a broken middleman got rebuilt. Music didn't.

The split that unlocks supply

A marketplace, not a service

No catalogue to buy

A $31.7 billion industry with a hole in the middle of it.

Sync revenue fell 2% to $600 million.

Millions of creators, almost none earning

Commercial audio, spent badly

Independents are taking share

Where FonoTec's revenue comes from

Anyone can build a storefront. Almost nobody can fill the other side.

We own the demand

We own the awards

Exclusive commissioned catalogue

The reputational lock-in

Four revenue lines. One upload.

Creator platform

Owned stations

Enterprise licensing

Sync, imprint & data

Most seed rounds buy a hypothesis. This one buys a schedule.

Of the round builds the platform

Is the commercial strategy

Our competitors are record labels. Not streaming services.

Capability matrix

A major decides to copy the 85%

A DSP builds a clearance layer

A well-funded startup does the same thing

From MVP to global launch.

Engine, brand system and first station live

NHSFM pilot & enterprise concepts in market

$5.0M seed closes

Teams stood up

Global launch at the DJ Awards

Enterprise scale & Series A

$5M, twenty-four months, three proof points already standing.

NHSFM clinical trial — The Royal Marsden

ROXOFF live in market

Wingstop app live

Use of funds

Five-year group model

What artists earn

Distributed to artists in 2031

From rights clearance alone

Artists on the platform by 2031

Illustrative returns

We are building a business worth $100 billion.

The one condition that matters

Rights becomes the dominant business

Artist supply compounds

The growth rate holds

Priced at a discount to Spotify. On Spotify's own maths.

Our multiple of gross profit

Our multiple of EBITDA

What a label is worth

Operators who have built and bought in this industry.

Andrew Grant

Markland Starkie

Bru Marse Ortigosa

James Laing

Gabriel Bustamante

Victor Springer

Carlos Hatch

Niall Roxburgh

$5,000,000 at $15M pre. Closing 31 January 2027.

Seed · $5.0M at $15M pre

Twenty-four months

More than money