Digital Music News reports: “About nine months after closing a $34 million seed round, artist-advance startup beatBread has officially inked “a $100 million institutional funding agreement.” Two-year-old beatBread announced the $100 million tranche today, via a formal release that was emailed to DMN. Variant Investments, a Portland-headquartered alternative asset fund that says it explores “the remote, less crowded corners of the investment universe,” fronted the capital, according to the involved parties. beatBread intends to use the “extended financial firepower” both to bankroll the careers of emerging professionals – advances are issued in part based upon applicants’ presence on streaming platforms – and “to offer multi-million dollar deals to some of the world’s biggest artists,” execs made clear.”
