DistroKid Acquires Investment From Silversmith Capital Partners

Courtesy of DistroKid
          

DistroKid, a SaaS-based software provider that assists independent musicians and record labels, announced on Tuesday (Oct. 9) that it has received an investment from Silversmith Capital Partners. 

DistroKid was founded in 2013 by CEO Philip Kaplan. The mission of the company is to empower artists globally by allowing musicians to upload, manage and market their songs online while maintain 100 percent of royalties when they subscribe to an annual DistroKid subscription. DistroKid also publishes credits and lyrics online, backup music files, procure cover song licenses and markets their music onto websites like Amazon, Pandora, Google Play, Spotify, Tidal and more.

"As I’ve come to know the Silversmith team, it has struck me how much they value a founder’s vision," said Kaplan. I’m excited to partner with Silversmith as we embark on the next phase of growth."

Todd MacLean, co-founder and managing partner at Silversmith, added, "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."

Silversmith Capital Partners is a Boston-based growth equity firm with $1.1 billion of capital. The company's mission is to partner with entrepreneurs in growing, profitable technology and healthcare companies.


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