Crush Ventures Research
Investment Thesis
Crush Ventures is the venture capital arm of Crush Music, a leading music management company founded in 2002. The fund was established to invest in early-stage companies building technology and brands that impact pop culture, with a particular focus on the intersection of media, culture, and commerce. Backed by one of the music industry's most prominent management companies (representing artists like Sia, Lorde, Miley Cyrus, Green Day, Fall Out Boy, and others), Crush Ventures brings deep industry expertise and relationships to its portfolio companies.
The fund believes that the most exciting opportunities exist where technology, culture, and commerce converge. Rather than being purely a music-focused fund, Crush Ventures takes a broader consumer and creator economy lens, investing in companies that can leverage cultural insights and audience engagement to drive commercial success.
Sector Focus
Crush Ventures invests across multiple sectors with strong emphasis on:
Primary Focus Areas:
- Media & Creator Economy: Tools and platforms for content creators (Beacons, Splice) and music production
- Music Technology: Music production, distribution, and fan engagement tools
- Consumer Brands: CPG and lifestyle brands with cultural resonance and celebrity partnerships (Yola Mezcal, Three Wishes Cereal, Dolce Glow)
- Media & Entertainment: Platforms and tools for media creation and distribution
- Gaming: Interactive entertainment and gaming technologies
- E-Commerce & Marketplaces: Direct-to-consumer brands and commerce platforms
Secondary Areas:
- Marketing/AdTech
- AI (applied to creative and consumer applications)
- Collectibles and Web3
- Social Media and Communication
- Fintech (limited exposure)
- Hardware (selective)
- Fashion and D2C Retail
Stage Focus
Crush Ventures is an early-stage fund, with primary focus on:
- Seed stage: $500K - $3M for companies with product-market signals
- Series A: $2M - $10M for validated business models
- Occasional pre-seed for exceptional teams
The fund appears to be most active in seed-stage investments, with portfolio companies ranging from pre-revenue startups to growth-stage companies.
Check Size
Based on visible portfolio and fund activity:
- Typical range: $250K - $5M
- Most common: $500K - $2M for seed investments
- Series A involvement: $2M - $10M participation/co-lead
Fund Status and Recent Activity
Crush Ventures remains actively deploying capital despite leadership transitions:
Notable Recent Developments:
- Andrew Kahn, long-time Head of Crush Ventures, transitioned in May 2025 to lead Yamaha's new $50M Music Innovation Fund
- Fund continues operating under Jonathan Daniel's leadership as Founder/CEO
- Portfolio shows 56+ investments with active deployment continuing through 2025
Investment Pattern: The fund shows consistent deal flow across creator economy, music tech, CPG, and consumer sectors. Portfolio companies range from early-stage (Funktronic Labs) to more mature companies (Splice, which has achieved significant market traction).
Portfolio Highlights
Notable Active Companies:
- Splice: Music production collaboration platform and sample library (media/creator economy)
- Beacons: Creator tools and monetization platform for content creators (media/creator economy)
- AudioShake: Audio separation and processing technology (media/AI)
- Yola Mezcal: Premium mezcal brand with cultural positioning (CPG/consumer)
- Three Wishes Cereal: Health-focused breakfast cereal brand (food & beverage/consumer)
- Dolce Glow: Celebrity-backed beauty and wellness brand (consumer/ecommerce)
- Resonado Labs: Advanced audio technology (media/audio tech)
- Funktronic Labs: Music technology company (media/music)
Exits:
- Phoenix Rising FC (media/entertainment)
- Vault Comics (media/entertainment)
- Motion (media/gaming)
Team and Investment Philosophy
Leadership:
- Jonathan Daniel: Founder/CEO - Former musician and music industry veteran, founded Crush Music in 2002. Deep expertise in artist management and music business.
- Daniel Kruchkow: CMO & Early Stage Investments - Focuses on early-stage deal sourcing and investment strategy.
- Andrew Kahn: Head of Crush Ventures (transitioned May 2025) - Music technology expert with strong background in identifying emerging music and audio tech trends.
Investment Approach: The fund leverages Crush Music's extensive network of artists, industry connections, and cultural expertise. Investment decisions prioritize:
- Team quality and founder vision
- Market timing and cultural relevance
- Ability to serve or partner with Crush Music's existing roster and network
- Long-term brand and community building potential
Geographic Focus
Primarily Los Angeles and New York, with selective investments in:
- San Francisco Bay Area (tech/SaaS companies)
- Boston (collectibles/creator platforms)
- Nashville (music tech)
- Pasadena/Southern California (music and gaming)
Decision Process and Timeline
Structure: Partnership-based decision making with Founder/CEO Jonathan Daniel, CMO Daniel Kruchkow, and historically Head of Ventures Andrew Kahn. Now transitioning with Kahn's departure to Yamaha.
Decision Timeline: Typically 4-8 weeks for seed rounds, with ability to move quickly for exceptional teams in core competency areas (music, creator economy)
Lead Tendency: Frequently leads seed rounds given founder relationships and industry positioning. May co-lead or participate in follow-ons based on strategic fit.
Warm Introduction Requirements
Warm introductions are preferred but not required. Given Crush Music's extensive network, introductions through:
- Music industry executives
- Entertainment/media professionals
- Existing portfolio founders
- Celebrity clients (implicit network)
Will be viewed favorably.
Typical Board Involvement
- Seed stage: Board seat or board observer rights
- Series A+: Board seat standard
- Ad-hoc involvement: Active operational support leveraging music/entertainment expertise
Anti-Thesis
Crush Ventures does NOT typically invest in:
- Pure B2B enterprise software (outside creative/media verticals)
- Healthcare/biotech/deep tech
- Climate/clean energy
- Infrastructure/systems software
- Enterprise IT
- Anything without cultural relevance or audience engagement component
- Companies that would conflict with artist management relationships
Recent Founder Preferences
Crush Ventures founders typically have:
- Cultural fluency: Understanding of trends, entertainment, youth culture
- Creator mindset: Even if not creators themselves, understand creator economy dynamics
- Team: Strong founding team with prior exits or credible execution track records
- Market timing: Riding waves in music tech, creator tools, consumer brands, gaming
- Network: Ability to leverage Crush Music connections or represent interests aligned with music/entertainment
Competitive Positioning
Similar Funds:
- SevenSevenSix (music-focused venture fund)
- Makers Fund (gaming and interactive media)
- R/GA Ventures (media and entertainment tech)
Unique Advantage: Unlike pure VC funds, Crush Ventures brings:
- Direct access to A-list artists and entertainment executives
- 20+ years of entertainment business expertise
- Distribution and partnership opportunities for portfolio companies
- Brand association with major entertainment figures
- Industry-specific operational guidance
Fund Specifics
Fund Name: Crush Ventures (operating as venture arm of Crush Music) Founded: 2000 (as corporate venture arm of Crush Music Management) Location: Headquarters in Los Angeles, CA with offices in New York, NY Management: Jonathan Daniel (CEO), Daniel Kruchkow (CMO), Andrew Kahn (Head of Ventures - transitioning) Portfolio Size: 56+ investments Focus Thesis: Early-stage consumer, media, music technology, creator economy Check Size: $250K - $5M (typically $500K - $2M seed) Ownership Target: 5-15% for seed-stage investments
Fund Performance and Reputation
Crush Ventures has established itself as a credible early-stage investor with:
- Multiple successful exits (Phoenix Rising FC, Vault Comics, Motion)
- Strong portfolio companies with significant traction (Splice, Beacons, AudioShake)
- Active deployment despite transitional leadership period
- Reputation for bringing industry expertise beyond just capital
- Strong network effects through Crush Music relationships
The fund is particularly well-positioned for founders in music technology, creator economy, and consumer brands seeking both capital and strategic partnership with entertainment industry leaders.