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Firms providing distribution and tech-led providers to unbiased artists (and labels) are large enterprise proper now: witness DistroKid‘s current $1.3 billion valuation, or UnitedMasters’ current $550 million valuation.
One participant on this house that has steadily carved out a strong international marketplace for itself is Florida-headquartered Symphonic Distribution, which was launched in 2006 by former music producer – and now Symphonic’s CEO – Jorge Brea.
Right this moment (January 3), Symphonic introduced that it has raised $37 million in a Collection B spherical of funding. The funding is led by NewSpring and Ballast Level Ventures.
Ballast, which like Symphonic is HQ’d in Tampa, Florida, beforehand led a $4 million spherical of funding into Symphonic in 2017.
Robert Faber, Accomplice, Ballast Level Ventures, mentioned: “Watching Jorge and Taylor scale a homegrown Tampa know-how firm within the fast-growing music trade has been very spectacular.
“We’re excited to proceed as Symphonic’s companion for this subsequent leg of development.”
Robert Faber, Ballast Level Ventures
“We’re excited to proceed as their companion for this subsequent leg of development, and we’re additional excited to welcome NewSpring to the investor group as Symphonic prepares for its future development.”
Symphonic says it’s seen 5 years of robust development within the past-half-decade, with projected internet annual income on the finish of 2021 of USD $12 million.
Along with its Florida HQ, the agency has a world presence in Africa, Brazil, Colombia, Dominican Republic, Mexico, Spain and extra.
NewSpring has invested in over 175 firms so far, and at the moment manages roughly $2.5 billion in belongings.
Brian Kim, Accomplice, NewSpring, mentioned of the agency’s Symphonic funding: “As the worldwide pattern towards streaming continues to information the way forward for the music trade, Symphonic’s distribution platform provides unbiased artists the instruments wanted to supercharge their careers and broaden their attain.
“We’ve been impressed for a very long time with what Jorge and the workforce are constructing at Symphonic.”
Brian Kim, NewSpring
“We’ve been impressed for a very long time with what Jorge and the workforce are constructing at Symphonic, all the things from their patented know-how to their incessant concentrate on placing the unbiased artist first.
“We look ahead to working intently with Jorge and Ballast Level Ventures to broaden its providing and assist Symphonic attain even greater ranges of development.”
Up to now, Symphonic has labored with shoppers similar to Surf Mesa, Stick Determine, CloZee, Laura Marano, Rachel Bradshaw, El Alfa, Juan Luis Guerra, Pi’erre Bourne, DJ Nu-Mark, Doechii, Nick Murphy aka Chet Faker, and La Ross Maria amongst many others throughout all kinds of genres worldwide.
Jorge Brea, CEO, Symphonic, mentioned: “On behalf of the entire workforce members of Symphonic, I can’t put into phrases how excited we’re concerning the subsequent chapter.
“The partnership with NewSpring, together with our current investor, Ballast Level Ventures, will assist place Symphonic as a powerful market chief in unbiased music know-how, providers and distribution.
“This funding will allow us to speculate extra in our shoppers, our know-how platform, strategic initiatives, mental property and different acquisitions.”
Jorge Brea, Symphonic
“This funding will allow us to speculate extra in our shoppers, our know-how platform, strategic initiatives, mental property and different acquisitions.”
Symphonic lately introduced separate new partnerships with TIDAL and Joyner Lucas’s music start-up, Tully.Music Enterprise Worldwide
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