Digital Music Distributor Symphonic Raises $4M in Funding
Digital music distributor Symphonic Distribution, Inc. has secured a $4 million investment led by Ballast Point Ventures, the company announced earlier this month.
Founded in 2006 by chief executive officer Jorge Brea in Tampa, Florida, Symphonic works with labels and artists as a competitor to the likes of Tunecore, DistroKid and CD Baby with a variety of payment options. It also offers design, audio mastering, marketing and merchandise services.
With the new investment, Symphonic plans to add to its sales force, increase marketing efforts and enhance product capabilities. Ballast Point Ventures acted as the sole investor in the transaction.
Symphonic founder and CEO Jorge Brea tells Billboard that over the past 11 years "of being bootstrapped," the company has seen investment interest from outside partners, but he has been reluctant to pursue those opportunities due to a commitment to the company's existing culture. With that in mind, he praised Ballast Point Ventures' "similar ideals, focuses and vision" and said they felt "investment at this stage was the right thing to do."
"Over the years, we've seen many companies receive substantial capital without a focus or mindset on being profitable and to us, that never felt right," he said. "We wanted to take this step when we felt we could build faster and provide a strong return to a group that believed in us and more importantly, record labels and artists that we represent. We're very excited for what this will do to the company. We'll have more resources, expertise, and focus on building tools that will help our independent artist and record label community thrive in the music industry landscape."
Ballast Point Ventures' Robert Faber, who will join the Symphonic Distribution board of directors, added in a statement, "Symphonic Distribution's industry-leading position in digital music distribution is a testament to the vision and platform developed by Jorge Brea and his team over many years. Under Jorge Brea's leadership, the Symphonic Distribution team has had great success without any outside capital to date and is well positioned for continued growth given the trends in streaming music consumption. We are excited to partner with Symphonic Distribution and to work with Jorge and his dedicated team to continue building a leading technology company in the Tampa Bay region."