Los-Angeles based B2B music rights and licensing marketplace Songtradr has raised $30 million in a series C funding round, valuing the company at $165m.
With this investment, Songtradr aims to accelerate its global expansion plans, product development and fund key acquisitions.
Songtradr previously raised $4m in a Series A funding round in 2018 and $12m in a Series B funding round last year.
The company reports to have experienced revenue growth in the first half of 2020 of 160% compared to the same period last year.
Songtradr specializes in licensing fully-cleared music for sync to a range of blue-chip clients and claims to connect over 500,000 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.
The company’s clients include the likes of Disney, Netflix, Apple, Coca-Cola, Amazon and Columbia Pictures.
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.
“This capital round will be utilized 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.”
Paul Wiltshire, Songtradr
“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 utilized 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.”
In March, Songtradr launched an initiative that paid 100% of licensing transaction fees directly to the artists.
Additionally, the company is offering artists entirely free distribution services until the end of September.
In 2019, Songtradr acquired creative music licensing agency Big Sync Music in a multi-million dollar cash and equity deal.Music Business Worldwide