Independent artists and music venues are critical to any city’s live music scene. The industry was given a lifeline with rare bipartisan support through congressional funding for shuttered venues during the pandemic. Artists rely on the venues to get build their followings and to earn while the venues are reliant on talent to drive ticket and drink sales. GigFinesse is a music technology marketplace platform that streamlines the process for live music venues to connect with artists. The booking platform is free to use for artists and venues like concert halls, restaurants, hotels, coffee shops, breweries, and wineries can rely on GigFinesse to handle everything from production to payments, saving on handling these processes manually. Both sides are also able to leverage data collected on the platform to optimize their offerings.
AlleyWatch caught up with GigFinesse Cofounder and CEO Mir Hwang to learn more about the business, the company’s strategic plans, recent round of funding, and much, much more…
Who were your investors and how much did you raise?
GigFinesse recently closed a seed round of $3.6M with notable investors including Bessemer Venture Partners, Cosmic Venture Partners, NJME Investments, NYU Innovation Venture Fund, Washington Square Angels, as well as several high-profile angels.
Tell us about the product or service that GigFinesse offers.
GigFinesse is reinventing the way artists and venues connect. Artists receive tailor-made opportunities, generated by our matching algorithm. Our booking engine is powered by data collected from each show and is also vetted by a team of experienced talent-buying veterans. This gives GigFinesse industry-leading booking efficiency alongside impeccable curation. With rising demand for live experiences, venues across the US are turning to GigFinesse to solve their entertainment needs.
What inspired the start of GigFinesse?
I fell in love with music by playing in bands and putting on shows with my friends. Eventually, I became a touring musician and was intimately familiar with the intricacies and frustrations of booking live entertainment. It wasn’t long before I found myself immersed in a community of artists who were equally desperate for a better way to source gigs and perform. In the summer of 2019, my cofounder Ryan and I decided to take a leap of faith. We forgoed Google and medical school respectively, and set out on our mission to improve the live music landscape for both artists and venues alike.
How is GigFinesse different?
The expression “starving artist” exists because it’s very hard for grassroots musicians to earn money performing. Likewise, venues, bars, and restaurants struggle to book quality entertainment in a seamless, cost-effective way. Consumers, especially now, are craving live experiences. Unfortunately, venues often find it challenging to meet these demands and associated costs. GigFinesse makes booking live entertainment easy, sustainable, scalable for venues, and seamless, transparent, and equitable for artists.
What market does GigFinesse target and how big is it?
The concert and event promotion generates over $50B a year in the United States alone. It’s our mission to power venues worldwide with quality entertainment and to help artists find their stage.
What’s your business model?
GigFinesse partners with venues looking for quality live entertainment. Our partnered venues range from traditional concert halls, restaurants, hotels, coffee shops, breweries, wineries, and even apartment complexes. GigFinesse’s technology and our amazing team help streamline the laborious, costly, and often troublesome booking process.
How are you preparing for a potential economic slowdown?
Having founded GigFinesse in the summer of 2019, we have been faced with plenty of curveballs. As tough as it has been, we have learned to run a very disciplined and tight operation through it all. For the immediate future, GigFinesse will continue to run lean; making smart use of capital with a focus on sustainable growth.
What was the funding process like?
To say that fundraising in Q2 of 2022 was tough would be an understatement. We were coming out of the bubble of 2021, during which companies were able to raise big rounds at high valuations. Raising in the summer of 2022 brought about a drastic shift on how investors were evaluating companies. Given the market turbulence we’ve faced since our founding, we have always operated under the lean startup methodology. With the market shifting towards companies with strong predictable cash flows and controlled burn, we were well situated to raise amidst the downturn. We were also fortunate enough to be oversubscribed and raised from investors that we believe will be a catalyst for growth, not just a simple cash injection.
What are the biggest challenges that you faced while raising capital?
The biggest challenge that I faced while raising capital was learning how to balance my time. Given limited resources and personnel, founders of early-stage companies are often forced to wear multiple hats and work long hours. With fundraising being a full-time job in and of itself, it was tough for me to balance work, fundraising, and having a semblance of a personal life.
What factors about your business led your investors to write the check?
Our team, first and foremost. Everyone at GigFinesse has a world-class work ethic and a passion for what they do. We put our heads down and continue pushing the industry forward while maintaining a strong company culture and dedication to the mission.
What are the milestones you plan to achieve in the next six months?
In the next 6 months, we are planning several key expansions, bringing GigFinesse to venues and artists in Los Angeles, Nashville, and Chicago. These markets have been identified based on demand for GigFinesse in both the artist communities and also among potential venue partners.
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
First and foremost, if you haven’t already, figure out a way to get to product market fit. Take a close look at all the levers that are in place and determine what’s working and what’s not. Run lean and cut back on expenses that are nonessential. Most importantly, build a team that you can trust to execute under difficult circumstances and to be in your corner.
First and foremost, if you haven’t already, figure out a way to get to product market fit. Take a close look at all the levers that are in place and determine what’s working and what’s not. Run lean and cut back on expenses that are nonessential. Most importantly, build a team that you can trust to execute under difficult circumstances and to be in your corner.
Where do you see the company going now over the near term?
Our primary focus is to continue to build the GigFinesse ecosystem in markets with which our team is familiar and our artist user base is engaged. We’ll also be embarking on several key expansions where the demand from artists and venues is strong.x
What’s your favorite restaurant in the city?
Saving the toughest question for last. New York is filled with so many amazing restaurants but a place that’s dear to my heart has to be Remedy Diner. My team and I have spent countless late nights post-shows recapping over breakfast food!
