DistroKid is a unicorn.
The US-based DIY distribution platform confirmed today (Aug. 16) that it has accepted an investment from Insight Partners that values it at $1.3 billion.
(DistroKid has not confirmed the size of Insight Partners’ funding, but for example, DistroKid would reach a valuation of $1.3 billion if 10% of it were sold for $130 million, or if 1% were sold for $13 million. .)
Silversmith Capital Partners, a Boston-based growth capital firm that: led DistroKid’s first outside investment in 2018, will retain “a meaningful ownership position” and remain on the board of DistroKid.
Founded in 1995, Insight Partners has invested in more than 400 companies around the world in New York and has raised more than $30 billion in capital commitments through a series of funds.
The $1.3 Billion Valuation Puts DistroKid in the $1 Billion Distribution Club Next to People Like To believe – owner of DistroKid rival TuneCore – who is currently wearing a public market capitalization of €1.64 billion ($1.93 billion) on Euronext in Paris.
In another major update today, DistroKid confirmed that it now has over 2 million artists on its platform using “the tools and services that DistroKid provides”.
The company estimates that it distributes more than a third of all new music worldwide, aligning with the reveal announced in May that DistroKid is now distributes over a million songs to digital services per month.
“My goal since DistroKid’s inception has been to build great things for musicians,” said company founder and CEO Philip Kaplan today. “Our growth has been wild, but the mission has not changed. Most of all, we are incredibly honored and grateful for every artist that DistroKid has chosen to be a part of their journey.
“I’m excited to partner with Insight Partners as we continue to build great things to help musicians and empower creators around the world.”
“DistroKid has already become a household name among musicians of all levels and we are excited to be working together as they continue their rapid growth.”
Deven Parekh, Insight Partners
Insight Partners Managing Director, Deven Parekh said: “DistroKid is transforming the music industry with its laser focus on innovation, including the latest technology and technical expertise. Helping artists evolve with the same opportunities as superstars sets DistroKid apart in an industry traditionally known for being hard to break.
“DistroKid has already become a household name among musicians of all levels and we are excited to be working together as they continue their rapid growth.”Music company worldwide