Though performing arts were negatively impacted by the global pandemic last year, the industry is slowly returning to normal operations. Startup company Stagetime recently announced that its business successfully raised $1.5 million in new funding for its performing arts networking platform.
Landing New Funding and Accelerating Growth
The latest financing round for the startup business was led by an investment from early-stage venture capital (VC) group Hyde Park Angels. Chicago-based VC firm M25 and returning investor IU Angel Network also took part in the funding for Stagetime.
“Just like any other professionals, artists require digital resources to successfully build their careers, but most solutions are not built to both accommodate artists’ needs and provide a great experience,” said Jennie Moser, founder and CEO of the startup business. “Since we began building Stagetime, the top priority has been to give artists a powerful tool that puts them in charge of their own careers.”
Prior to the latest financing round, the professional networking company found support from VC firm Elevate Ventures and micro VC firm Flywheel Fund. The professional networking company plans to use the funding from its latest round to expand its team, acquire new users, and further develop its performing arts platform with the addition of new features.
Among several new features slated for the professional networking platform, Stagetime plans to release a series of tools to help performing arts organizations discover new talent more efficiently. The startup business expects to release a “casting tool” in 2022.
Setting the Stage for Performing Arts
Moser founded the professional networking company in October 2019. Stagetime was created to replace the fragmented methods used to network in the performing arts industry. Rather than spending excess time, money, and effort on constructing a personal website, the startup business gives users the opportunity to self-promote and network with peers and potential employers.
Artists on the professional networking platform can build a portfolio using various types of multimedia, such as promotional photos, videos, and audio files. At the same time, the startup company allows arts organizations and employers to post new career opportunities and network with talent.
Stagetime now claims to host more than 1,600 individual users on its platform.
“I continue to be impressed by Jennie and her vision for a networking platform for the performing arts industry," said Scott Eisen, principal at Paceline Capital and the deal lead for Hyde Park Angels. "As an artist herself, Jennie understands the unique needs of the industry.”
James White is a Michigan State University graduate with a B.S. in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.