DistroKid Receives Investment From Insight Partners; Valued at $1.3 Billion

distrokid

DistroKid, a New York-based company focused on distribution of independent music, received an investment from Insight Partners.

The amount of the deal, which valued the company at $1.3 billion, was not disclosed. Silversmith Capital Partners, a Boston based growth equity firm that led the company’s first outside investment in 2018, will retain a meaningful ownership position and representation on DistroKid’s board going forward. 

The company intends to use the funds to accelerate development of its suite of tools for musicians.

Led by founder and CEO 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 2 million artists including hobbyists, up-and-coming musicians, top influencers, and international stars currently use the company’s solutions.

FinSMEs

17/08/2021