Rapchat Secures $1.6MM, Adds Former musical.ly Exec Alex Hofmann to Board
COLUMBUS, Ohio (PRWEB) May 08, 2018 -- Today, Rapchat, the mobile app dedicated to helping today's rap enthusiasts create, collaborate, and connect with tomorrow’s stars, announced it has secured $1.6 million in seed financing from Rev1 Ventures, Base Ventures, M25 Group, TechNexus, OTAF and 500 Startups. In addition to the investment, Rapchat has added former musical.ly North America President Alex Hofmann to its board. Hofmann has spent the past three years leading partnerships and global expansion of the leading global video community, which ultimately led to its Bytedance acquisition.
“Rapchat has the potential to become the world’s best rap community,” says Hofmann. “App users can discover incredible rap and hip hop music from underground artists, while rappers can tap into the engaged and rapidly growing audience on Rapchat."
Rapchat is already experiencing significant momentum with over 70,000 raps recorded every day that have garnered over 100M listens.
“The way people experience music has changed drastically – people today want to consume and create, so we are dedicated to delivering the most robust platform for rappers to make music and share what they’ve developed with the biggest and most active audience in the market,” said Pat Gibson, co-founder and CMO of Rapchat. “By partnering with the best producers in the industry, our thousands of beats keep pace with the musical innovators on our platform to deliver a mobile recording studio and a built-in fan base in one place.”
“We are focused on supporting the most promising companies as they build and launch their products and begin to scale beyond initial users,” said Ryan Helon, EVP of Investment Funds at Rev1 Ventures. “We are thrilled with Rapchat’s progress, the outlook for the company is exciting, and we think we have a strong team in place that can make it happen.”
"This investment, coupled with the addition of Alex gives us the resources we need to continue on our journey of providing the biggest and best platform for every beginning, aspiring, or seasoned rapper to share their creations with the world,” said Seth Miller, co-founder and CEO of Rapchat. “We're excited to chase after our vision and we're thrilled to have these talented investors and advisors on board to help."
To download the free mobile app, visit https://rapchat.me/.
About Rapchat
Rapchat is the best way for today's rap enthusiasts to create, collaborate, and connect with tomorrow’s stars. As a mobile app dedicated to helping millions of seasoned and aspiring rappers from around the globe make and share music, Rapchat boasts the largest and most engaged community in the mobile music creation game. Rapchat partners with award-winning artists and top producers to deliver the hottest beats and the most user-friendly platform to make music and network. Combining the convenience of a mobile recording studio with the power of a social network, Rapchat is the premier place for artists and fans to fine-tune their craft, while helping the world discover new talent. For more information, visit https://rapchat.me/.
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Aimee Eichelberger, Superior Public Relations, +1 3129521534, [email protected]
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