BeatBread Limited Founder and Chief Executive Peter Sinclair died on Aug. 23, the Little Tokyo-based company announced on Friday. He was 50.

His untimely death came almost a month after the online music funding platform said it had secured $124 million in loans and equity investment to expand its business, which was led by Citigroup Inc.’s Spread Product Investment in Technologies (SPRINT) team.

In a statement, the company hailed Sinclair as “an extraordinary leader and inspiring visionary in the music and fintech industries” whose work in developing BeatBread’s financing structure for musical artists “reflected Peter’s deep commitment to artist independence.”

John Haller, who co-founded the company with Sinclair in 2020, added, “We mourn him deeply, and we’re more committed than ever to honoring his legacy as we move forward.”

As of the Business Journal’s press deadline, the company didn’t disclose plans about their search for a new chief executive.

The future in music

BeatBread was launched as a new path for musicians to navigate through the complexities of the music industry, Sinclair said in the Aug. 5 announcement of its latest funding round.

“We believe in a future where artists and independent labels have the power and the freedom to shape their own success, compare multiple funding sources and make the choice that is right for them, whether its funding from BeatBread, a partner or even a competitor,” he said.

The $124-million investment was earmarked to support BeatBread’s ability to bolster its proprietary technology and deepen its partnerships with music industry players.

“At BeatBread, we’re building a financial foundation for true artist and label independence,” Sinclair said earlier this month. “By giving creators more choice, more access and more control, we’re helping them stay independent on their own terms.”

BeatBread pays an advance to independent artists and labels, which ranges from $1,000 to $10 million; and in return, the company receives a share of future streaming revenue from digital platforms like Spotify.

Artists maintain control over their music and can determine much of the term agreements within their contracts, the company said.

BeatBread also runs a proprietary Deal Comparison Tool on its website, where musicians can evaluate the benefits of one music business deal over another. The company’s technology center is in St. George, Utah, and it also has offices in New York City and London.

The deal was the first time Citi’s SPRINT team invested in a music royalty business, Billboard magazine reported. Other firms participating in the funding round include Deciens Capital, Advantage Capital Management and Mucker Capital L.P., which keeps a headquarters in Venice.

Lee Smallwood, head of Citi’s markets innovation and investments, said in early August that the investment marked a milestone for his team.

“We’re excited to support BeatBread as they empower independent artists with tech-driven financing solutions,” he said.