DistroKid gets investment from Insight Partners valuing the distribution company at $1.3 billion

By Emmanuel Legrand

New York-based global private equity and venture capital firm Insight Partners has made "a substantial investment" in independent music distribution company DistroKid that values the company at $1.3 billion. 

  Silversmith Capital Partners, a Boston-based growth equity firm that led the company’s first outside investment in 2018, will retain "a meaningful ownership position" going forward and remain on DistroKid’s board.

  “DistroKid is transforming the music industry with its laser focus on innovation, including the latest technology and engineering expertise," said  Insight Partners Managing Director Deven Parekh (pictured, below). 

A household name for musicians

  He added: "By helping developing artists with the same opportunities as superstars, DistroKid stands out in an industry traditionally known for being hard to break through. DistroKid has already become a household name among musicians of all levels and we’re thrilled to partner as they continue their rapid growth.”

    The investment is expected to finance the continued development of DistroKid’s suite of tools for musicians. Distrokid's tools and services are used by over two million artists at every level. The company estimates that it accounts for more than a third of all new music distributed globally.

Building tools to help artists

  "My goal since founding DistroKid was to build great things for musicians”, said the company’s founder and CEO Philip Kaplan. "Our growth has been wild, but the mission hasn't changed. Most of all, we're incredibly honored and thankful for every artist who's chosen DistroKid to be a part of their journey. I’m excited to partner with Insight Partners as we continue building amazing things to help musicians and empower creators worldwide.”

  DistroKid was founded in 2013 and provides musicians, managers and record labels with online tools and services, covering areas such as music distribution, monetisation, metadata customisation, storage, and promotion.