DistroKid, a NYC-based provider of SaaS-based software that serves independent musicians and record labels, received an investment from Silversmith Capital Partners, a Boston-based growth equity firm.
The amount of the deal was not disclosed. As part of the transaction, Todd MacLean, co-founder and Managing Partner, and Sri Rao, a Principal at Silversmith, will join DistroKid’s board.
Founded in 2013 by serial entrepreneur and musician, Philip Kaplan, DistroKid provides musicians, managers, and record labels with online tools and services for music distribution, monetization, metadata customization, storage, and promotion.
More than 250,000 artists including hobbyists, up-and-coming musicians, top YouTubers, and international superstars like 21 Savage, Ludacris, Will Smith, Tom Waits, and more, use DistroKid to collect royalties from their music, automatically split earnings among collaborators, publish credits & lyrics online, backup music files, procure cover song licenses, participate in YouTube ContentID, build relationships with fans, and get their music into major online music stores & services worldwide, including Amazon, Anghami, Apple Music, Beatport, Deezer, Google Play, Instagram, KKBox, Napster, Pandora, Saavn, Shazam, Spotify, Tidal, iHeartRadio, iTunes, YouTube, and more.