Indie music distributor DistroKid has received "a significant investment" from Silversmith Capital Partners, a Boston-based growth equity firm. DistroKid currently serves 250,000 independent musicians with digital distribution, as well as, royalty collection and management.
Todd MacLean and Sri Rao of Silversmith Capital will join the DistroKid board. Details of the funding were now disclosed.
Founded by serial entrepreneur and musician Philip Kaplan, DistroKid was built upon a mission to empower artists. The company's artist-first ethos is evidenced by its flat-rate pricing structure with the creator retaining 100% of the royalties they earn.
“My goal since founding DistroKid has been to build great things for musicians. We’ve experienced incredible growth, and are deeply honored to serve every musician who has chosen DistroKid to be a part of their journey,” said Philip Kaplan, DistroKid’s founder and CEO. “Adding capital and expertise will help support our rapid growth, as well as planned expansion into new areas. As I’ve come to know the Silversmith team, it has struck me how much they value a founder’s vision."
DistroKid provides a suite of tools to help independent artists and labels collect royalties, automatically split earnings among collaborators, publish credits & lyrics online, backup music files, procure cover song licenses, participate in YouTube ContentID, build relationships with fans, and get their music into major online music stores and streaming services worldwide.