DIY distribution platform DistroKid has announced “significant” new investment from Silversmith Capital Partners. Although one of a number of DIY distributors on the market, US-based DistroKid has grown in profile in recent years and is pushed particularly heavily on the Spotify For Artists website.
“My goal since founding DistroKid has been to build great things for musicians”, says founder Philip Kaplan. “We’ve experienced incredible growth, and are deeply honoured to serve every musician who has chosen DistroKid to be a part of their journey”.
On the new loot, he adds: “Adding capital and expertise will help support our rapid growth, as well as planned expansion into new areas. As I’ve come to know the Silversmith team, it has struck me how much they value a founder’s vision. I’m excited to partner with Silversmith as we embark on the next phase of growth”.
Silversmith’s Todd MacLean chips in: “In the end, what we do – or try to do – at Silversmith is pretty simple. We strive to find the very best founders, the ones with the vision and the passion to build things customers can’t seem to live without, and work tirelessly to support them. Given the transformation underway in the industry as music moves into the cloud, DistroKid has built a lifeline for artists to connect with the rest of the world”.
Are we still talking about music moving into the ‘cloud’ in 2018? Yeah, why not? MacLean goes on: “We believe the opportunity to back an amazing entrepreneur like Philip, in a market with real and growing tailwinds, is a rare one, and the type of opportunity we founded Silversmith to make”. Cheery outcomes all round then.
As part of the deal, MacLean and another Silversmith exec – Sri Roa – will join DistroKid’s board. The exact amount of money being handed over has not been disclosed, but it’s thought to be somewhere between 50 cents and six squillion dollars.[from https://ift.tt/2lvivLP]