Independent music distribution service DistroKid has received a significant investment from Boston-based growth equity firm Silversmith Capital Partners.
Founded by entrepreneur and musician Philip Kaplan in 2013, DistroKid serves more than 250,000 artists.
In addition to hobbyists, up-and-coming musicians and YouTubers, the platform has distributed music for the likes of 21 Savage, Ludacris, Will Smith, Tom Waits and more.
DistroKid counts music distribution, monetization, metadata customization, storage, and promotion among its services.
As part of the investment, Silversmith Co-Founder and Managing Partner Todd MacLean and Sri Rao, a Principal at the firm, will join DistroKid’s board.
Kirkland & Ellis served as legal counsel to Silversmith Capital Partners, which has $1.1 billion of capital under management.
Gunderson Dettmer served as legal counsel to DistroKid and Horizon Partners served as strategic advisor.
Financial terms of the investment have not been not disclosed.
“My goal since founding DistroKid has been to build great things for musicians.”
Philip Kaplan, DistroKid
“My goal since founding DistroKid has been to build great things for musicians. We’ve experienced incredible growth, and are deeply honored to serve every musician who has chosen DistroKid to be a part of their journey,” said Philip Kaplan, DistroKid Founder and CEO.
“Adding capital and expertise will help support our rapid growth, as well as planned expansion into new areas. As I’ve come to know the Silversmith team, it has struck me how much they value a founder’s vision. I’m excited to partner with Silversmith as we embark on the next phase of growth.”
Todd MacLean added: “In the end, what we do, or try to do, at Silversmith is pretty simple. We strive to find the very best founders, the ones with the vision and the passion to build things customers can’t seem to live without, and work tirelessly to support them.
“Given the transformation underway in the industry as music moves into the cloud, DistroKid has built a lifeline for artists to connect with the rest of the world.
“We believe the opportunity to back an amazing entrepreneur like Philip, in a market with real and growing tailwinds, is a rare one, and the type of opportunity we founded Silversmith to make.”Music Business Worldwide
