Kobalt made a name for itself with innovative and transparent tech solutions for artists and rights holders. Now Google Ventures and an impressive group of tech investors have taken notice and just invested $60 million in the company.
Independent music publishing and global music rights management service Kobalt, today announced it has raised a $60 million Series C funding round led by Google Ventures, MSD Capital, ant the private investment firm for Michael Dell, and MSDC Management. This financing round adds to the $66 million already raised by the company.
Kobalt has experienced 40% growth year-over-year through the past decade and now serves over 8,000 songwriters and 500 publishing companies worldwide. Kobalt represents an average of 40% of the top 100 songs and albums in the United States and the United Kingdom. The new funding will be used to fuel further growth.
“We take great pride in the fact that Google Ventures and MSD Capital both share our vision of technology and transparency working together to create a new industry structure in today’s complex digital world,” said Willard Ahdritz, Kobalt founder and CEO. “We are relentless in our mission to increase trust between the music and technology industries in order to build a new infrastructure that benefits fans, creators, rights owners and DSPs, all together.”
“The music industry is going through dynamic changes all around the world and Kobalt will be instrumental in shaping its future positively for all constituents, starting with artists,” said Bill Maris, Managing Partner at Google Ventures. "Kobalt’s commitment to trust, transparency and technology has positioned it as one of the most innovative brands in media today.”
Kobalt services includes a global licensing, collection and payment platform, YouTube song-claiming tool Proklaim, global digital music distribution platform AWAL, and real-time data and insight reporting Portal.