Insight Partners has invested an undisclosed into the popular U.S.-based music distribution platform DistroKid, according to Music Business Worldwide. Neither company has confirmed amount of the investment, but DistroKid is now valued at $1.3 billion.
After its initial outside investment from Silversmith Capital Partners in 2018, DistroKid has grown substantially with over 2 million artists using the platform today. It acts as a formal distributor, allowing independent musicians and record labels to upload music to most streaming platforms and digital music sellers through the service’s various tools and features.
Silversmith will retain a significant stake in ownership of DistroKid, and streaming giant Spotify will also continue to hold its minority stake. With Insight’s investment, DistroKid joins Believe (owner of rival platform TuneCore) in breaching a $1 billion plus valuation. TuneCore is currently valued at €1.64 billion ($1.93 billion).
“I’m excited to partner with Insight Partners as we continue building amazing things to help musicians and empower creators worldwide,” siad CEO Philip Kaplan in a statement. “My goal since founding DistroKid was to build great things for musicians. Our growth has been wild, but the mission hasn’t changed. Most of all, we’re incredibly honored and thankful for every artist who’s chosen DistroKid to be a part of their journey.”
DistroKid is not Insight Partners’ first major investment. The firm has poured over $30 billion into more than 400 companies worldwide, including Hello Fresh, Shopify, and even Twitter in its early days.
