Music licensing market Songtradr this morning introduced a $50 million Collection D. The oversubscribed spherical — which options Regal, Conscious Tremendous, Perennial, Argo and Greencape — follows a $30 million raise last August, bringing the Los Angeles firm’s complete funding to north of $100 million.
The platform licenses music to high-profile names for promoting, movies, TV, gaming and the like, together with Disney, Netflix, Apple, Coca-Cola, Amazon and Google. It hosts songs from some 600,000 musicians/songwriters/rights holders.
The service hasn’t had any challenge spending its funding to this point. Earlier this month, it introduced the acquisition of creative agency MassiveMusic. Different acquisitions made prior to now yr embrace Cuesongs, Tune Zu, Pretzel and Tunefind.
The corporate says the brand new funding will go towards much more M&As, new merchandise and a rise in international headcount. The corporate is headquartered in LA, but in addition has places of work in Europe and the Asia-Pacific area.
“Songtradr is quickly accelerating as we proceed to develop our tech-enabled B2B music ecosystem and combine our new acquisitions,” CEO Paul Wiltshire mentioned in a press launch. “Attracting such a blue-chip investor base into this spherical additional endorses our imaginative and prescient of the long run music business on this quickly evolving digital world, offering a powerful basis for the long run.”
Wiltshire provides that the corporate noticed a 100% y-o-y income development for 2020.