Is new Jozi artist investment platform Sunkambe set to be the JSE of music?
15 June 2018
Recording, launching and distributing an album can typically cost an artist tens of thousands of rands — money many new and upcoming musicians often don’t have. Added to that, artists, much like startups, face a near impossible task financing their projects from banks.
Enter Sunkambe, a platform that allows artists to crowd fund the distribution and recording of an album in return for allowing investors a share of their royalties. The platform is set to launch later this month.
In April Sunkambe was one of 25 startups from around the world selected to pitch at Seedstars World Summit’s startup garden in Lausanne, Switzerland. In the same month the startup received R50 000 grant funding and business support from the Innovation Hub.
The startup’s founder and CEO Shaka Ramulifho (pictured above, right) says he knows “very well the challenges of accessing finance from private and traditional banking institutions”.
Ramulifho, who founded the Joburg-based company last year, likens his platform — which he is aiming at ordinary investors, major record labels, savings and investment groups — to the “workings of the Johannesburg Stock Exchange”. Read the full article on Ventureburn here.