The new funding brings the company's total raised since 2015 to $22 million.
Artist services platform Stem has secured $10 million in fresh funding, at a time when the company's mission of accelerating musicians' access to capital matters more than ever.
The funding round includes new investors Quality Control co-founder/COO Kevin "Coach K" Lee; various individual managers under Red Light Management; and two-time NBA All-Star Baron Davis; along with previous backer Mark Gillespie, the CEO of Three Six Zero and manager to Calvin Harris. The announcement comes as Stem reaches a new milestone: As of this month, it has paid out $100 million in royalties to artists since its founding in 2015.
"Stem was created to provide independent artists with the ability to manage and grow their careers and teams autonomously," Stem CEO Milana Rabkin Lewis said. "With this new round of financing, we are focused on accelerating the portfolio of products offered to our artists. We’ve assembled the top players in music who have built careers of the world’s top artists to amplify our efforts."