Songtradr has completed its series C funding round, raising $30 million (£22.9m). It values the company at $165m (£126.1m).
According to the company, it is benefiting from the increasing digital adoption resulting from the Covid-19 pandemic.
With this investment, the global B2B music rights and licensing marketplace platform will accelerate its global expansion plans, product development and fund key acquisitions.
Songtradr said its technologies are designed to simplify and enhance the overall music licensing experience. The latest funding will enable the company to further enrich its data capabilities
“Songtradr is a beneficiary of the significant acceleration of digital adoption resulting from the pandemic,” said Paul Wiltshire (pictured), CEO of Songtradr. “It is an unprecedented time and our focus has been on delivering value to our community of artists, composers and music licensees.
“This capital round will be utilised to execute our long term strategy of developing a data-informed music rights ecosystem that delivers greater efficiencies to the music licensing and rights management processes, and to expand our product offering further.”
Songtradr is a beneficiary of the significant acceleration of digital adoption resulting from the pandemic
Songtradr’s previous series B round of $12m (£9.2m) was completed in early 2019. The company said it has experienced revenue growth in the first half of 2020 of 160% compared to the same period last year.
The Series C capital raise was led by the St. Baker Australian family office and included a number of other prominent Australian family offices, as well as several existing Songtradr investors.
Songtradr is a global company headquartered in Los Angeles with offices across Europe and the Asia-Pacific region. It connects the platform’s 500,000-plus artists, songwriters and music rights owners to a B2B marketplace of music users, such as brands, advertising agencies, streaming platforms, SVOD networks, film, TV and gaming companies.
Last year it acquired the Big Sync Music agency.
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