Stem is the US-based company that combines tools helping musicians to track their royalties with distribution to digital music services.
It has just raised a funding round of $10m from investors including Coach K, the COO of label Quality Control Music; Mark Gillespie, founder of management company Three Six Zero; a number of managers working for Red Light Management; and former basketball star Baron Davis.
“With this new round of financing, we are focused on accelerating the portfolio of products offered to our artists,” said Stem’s CEO Milana Rabkin Lewis. “We’ve assembled the top players in music who have built careers of the world’s top artists to amplify our efforts.”
The funding follows Stem’s launch in February of a feature called ‘Scale’ to offer advances to artists and independent labels, drawing on a $100m pool from a partnership with investment firm CoVenture.