Kobalt, a NYC-based global music services company, raised $75m in Series D funding.
The round was led by Hearst Entertainment with participation from Balderton Capital and MSD Capital.
The company intends to use the funds to scale its platform and expand operations.
Led by Willard Ahdritz, founder and CEO, Kobalt Music provides a global rights management platform for artists, publishers and songwriters to meet the demands of the global surge in music streaming.
Kobalt offers its clients a variety of services, including creative services, sync & brand partnerships, global licensing management, neighboring rights, works and rights distribution, royalty collection and processing, the Kobalt App for songwriters and publishers to view all their rights globally and see how each song, by right type, directly translates into income, the AWAL App for independent artists to visualize their streaming performance across Apple Music and Spotify, including corresponding fan demographics, data-driven insights and comprehensive royalty revenue, YouTube monetization, record release management, digital distribution, and marketing.
Today, Kobalt’s Music Publishing, Neighbouring Rights, and Recordings/AWAL divisions serve over 25,000 songwriters, 600 publishers, and 20,000 independent artists, including The Chainsmokers, Kelly Clarkson, Miles Davis, Dave Grohl, Dr Luke, Zayn Malik, Max Martin, Paul McCartney, Stevie Nicks, Pitbull, Elvis Presley, Skrillex, Sam Smith, etc.