DistroKid has announced that New York-based global private equity and venture capital firm Insight Partners has made a substantial investment in the company.
The deal values the independent music distributor at $1.3 billion.
More than two million artists use the tools and services that DistroKid provides. The company estimates that it distributes more than a third of all new music globally, paying artists 100% of their royalties.
The investment is set to fuel the continued development of DistroKid’s suite of tools for musicians.
“My goal since founding DistroKid was to build great things for musicians,” said the company’s founder and CEO, Philip Kaplan. “Our growth has been wild, but the mission hasn't changed. Most of all, we're incredibly honoured 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.”
Insight Partners MD Deven Parekh said: “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.”
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 remain on DistroKid’s board.
FOLLOW 
