Veeps Founder Sherry Saeedi, Mark Hoppus, Pete Wentz Start Verswire
A group of industry veterans have announced the launch of Verswire, a VC-style music startup.
Sherry Saeedi, Founder and COO of Veeps, Lead Vocalist of blink-182 Marc Hoppus, and music director Nick Lippman have teamed up to create Verswire. Fall Out Boy founding member and bassist Pete Wentz is also on board as a strategic advisor. Verswire has the ambition to become a “Shark Tank” style investment vehicle for emerging and established artists, while also serving as a development incubator and offering various label services.
The company comes out battling the industry’s favorite boogeyman – the major label. “The myriad technological solutions that allow artists to earn extra money have been a band-aid, while no one has solved the root of the problem: that unfavorable agreements do not allow artists to earn extra money. money or their own music,” Saeedi said. “Watching my closest friends put on the back burner or trapped in the deals they signed as they went bankrupt, I didn’t feel like anyone was offering the right solution for artists.”
Saeedi criticized “the same archaic business model we’ve seen artists fail time and time again”, while promising a more artist-friendly option “that is truly created with their well-being and career as a priority”.
Verswire will translate the Shark Tank ideology into a venture capital fund that views artists as entrepreneurs. The company plans to tailor its investment to each artist with funding, resources, tools, mentorship and support from prominent music leaders. Verswire says it will provide an ecosystem for artists to own and operate their businesses, while allowing them to retain majority ownership of their masters.
Veep’s model seems to combine a number of categories of long-lasting solutions for artists.
Currently, the music industry has a number of successful and mature businesses in categories such as artist funding, label services, distribution, licensing, publishing administration and data – all established and fast-growing subsectors. The big labels are now playing on a very competitive playing field, which means countless new options for artists.
Already, the maiden voyage has departed. Verswire’s first signing, Beauty School Dropout, has released their new single, “Assassin.” The group was championed by Mark Hoppus and Pete Wentz. “I’m excited to help create a new way for bands and artists to create music for communities, while retaining ownership of their work,” adds Hoppus.
The founding team also includes a number of music industry advisors and investors, including Kevin Lyman (Founder of Warped Tour) and Gus Brandt (Mark Hoppus, Foo Fighters).