Bertelsmann Digital Media Investments (BDMI) is the latest strategic investor in RoyaltyShare, which provides royalty processing solutions and other Web-based services supporting the distribution and sale of digital music.
BDMI invested $3 million, while Trident Capital added $1 million to its previous $5 million investment. This brings the total Series B round of funding for RoyaltyShare to $9 million.
"This new funding will be used to aggressively enhance the capabilities of our software-as-a service platform and expand our digital royalty and content management offerings to support additional media industries," says Bob Kohn, RoyaltyShare chairman/CEO.
As part of the deal, Richard Sarnoff, president of BDMI and executive VP of Random House, will join the RoyaltyShare board of directors.
BDMI is a wholly owned subsidiary of Bertelsmann AG. Trident is a Silicon Valley-based private equity and venture capital firm.