DistroKid is a unicorn.
The US-primarily based DIY distribution platform confirmed right now (August 16) that it has accepted an funding from Insight Partners which values it at $1.3 billion.
(DistroKid hasn’t confirmed the dimensions of Insight Partners’ funding however, by the use of instance, DistroKid would hit a $1.3 billion valuation if 10% of it was bought for $130 million, or if 1% was bought for $13 million.)
Silversmith Capital Partners, a Boston-based development fairness agency that led DistroKid’s first outside investment in 2018, will retain “a meaningful ownership position” and stay on DistroKid’s board.
Founded in 1995, New York-based Insight Partners has invested in additional than 400 firms worldwide and has raised via a sequence of funds greater than $30 billion in capital commitments.
The $1.3 billion valuation places DistroKid within the billion-dollar-plus distribution membership alongside the likes of Believe – proprietor of DistroKid rival TuneCore – which at the moment carries a public market cap of €1.64 billion ($1.93 billion) on the Paris Euronext.
In one other necessary replace right now, DistroKid confirmed that it now has greater than 2 million artists on its platform utilizing “the tools and services that DistroKid provides”.
The firm estimates that it distributes greater than a 3rd of all new music globally, which ties into the revelation introduced in May that DistroKid now distributes over a million tracks to digital companies every month.
“My goal since founding DistroKid was to build great things for musicians,” the corporate’s founder and CEO, Philip Kaplan mentioned right now. “Our growth has been wild, but the mission hasn’t changed. Most of all, we’re incredibly honored and thankful for every artist who’s chosen DistroKid to be a part of their journey.
“I’m excited to partner with Insight Partners as we continue building amazing things to help musicians and empower creators worldwide.”
“DistroKid has already become a household name among musicians of all levels and we’re thrilled to partner as they continue their rapid growth.”
Deven Parekh, Insight Partners
Insight Partners Managing Director, Deven Parekh mentioned: “DistroKid is transforming the music industry with its laser focus on innovation, including the latest technology and engineering expertise. By helping developing artists with the same opportunities as superstars, DistroKid stands out in an industry traditionally known for being hard to break through.
“DistroKid has already become a household name among musicians of all levels and we’re thrilled to partner as they continue their rapid growth.”Music Business Worldwide
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