Available via the web and through iOS and Android apps, Tradiio’s free platform lets users listen to new music from up-and-coming artists, giving them virtual coins to ‘invest’ in those they like. Users that do the best job spotting talent, gain credibility and earn more virtual coins on the platform, which can be redeemed for rewards.
The company just raised $975K, the investment comes from Espirito Santo Ventures, and will be used to develop the platform and increase the number of artists on the platform. This follows a first investment in June 2014 of €250k, backed by Espirito Santo Ventures and Innovation Management Software provider Exago.
Open to up-and-coming and more established artists, Tradiio is a launchpad for musicians, allowing them to gain credibility and exposure, while offering them rewards and opportunities.
“In Portugal, where Tradiio has been established for some time, Universal Music Portugal selects artists from Tradiio’s top 50 to distribute worldwide.”
said Alvaro Gomez, CEO and co-founder of Tradiio.
“While other music services just take your money and offer a completely passive experience, Tradiio turns its users into the next generation of talent spotters, letting them listen to, and virtually invest in, new artists. On top of this, the most successful users at unearthing new talent get recognition from peers and the chance to earn rewards,” he continued.
Users that do the best job spotting talent, gain credibility and earn virtual coins on the platform, which can be redeemed for rewards such as Field Day tickets, Bleep download store vouchers, AIAIAI headphones and Sonos speakers. Tradiio is free for users and artists.
Founded by Alvaro Gomez, André Moniz and Miguel Leite in 2014, the Portuguese startup has offices in Lisbon, London and Porto, employing 18 people.