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Slingshot: Providing Modern Financial Services Tailored to Artists and Creatives

Image Credits: Slingshot
By: Headliners News / June 20, 2024

Meet Slingshot, a startup founded by Sanil Chawla, has recently secured $2.2 million in pre-seed funding to provide financial services tailored to artists and creatives. Chawla, motivated by his experiences meeting artists during his college years, saw the need for sustainable economic infrastructure that could support artists without overwhelming them with administrative tasks. This insight led to the creation of Slingshot, a platform designed to simplify financial and operational management for creatives.

Initially launched in 2020 as a music monetization platform, Slingshot pivoted during the pandemic to focus on broader financial solutions for creatives. The platform now offers tools to manage operational requirements, including a corporate card that centralizes financial transactions. Slingshot aims to alleviate the burden of navigating complex financial and business challenges, allowing creatives to focus on their work.

The $2.2 million pre-seed round was supported by Dorm Room Fund, 1916 Enterprises, Key Partners Group, and angel investor Vincent Francoeur, former head of web and mobile at Blizzard. This funding will help Slingshot enhance its services within the burgeoning $250 billion creator economy.

What sets Slingshot apart is its approach to centralizing features and data. The platform offers automated bookkeeping linked to its business card, works with banks to facilitate financial transactions, and partners with Stripe for customer accounts through its Treasury and Issuing programs. Additionally, Slingshot provides features such as revenue-saving options, healthcare and retirement benefits, HR services, and handling of legal filings and tax paperwork.

Slingshot’s journey began with a focus on providing legal and financial infrastructure for musicians, allowing them to grow their audiences without relying on labels while retaining a significant share of their royalties. This initial concept garnered $50,000 in funding, followed by another $1.2 million to expand the platform. However, recognizing a broader need among its customers, Slingshot pivoted in late 2022 to offer more comprehensive financial products. The startup raised an additional $1 million, bringing its total funding to date to $2.2 million.

Looking ahead, Slingshot plans to leverage its recent funding to further develop its features, including the introduction of an AI assistant designed to revolutionize how creatives manage their operations. Chawla envisions that improved tools and infrastructure for the creative economy will enable more diverse artistic expression. With plans to raise additional funds in the coming year, Slingshot is poised to continue its mission of empowering creatives through streamlined financial and operational support.

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