Silversmith Capital Invests in DistroKid to Continue Rapid Growth

NEW YORK–(BUSINESS WIRE)–DistroKid, a leading provider of SaaS-based software that serves
independent musicians and record labels, announced today that it has
received a significant investment from Silversmith Capital Partners, a
Boston-based growth equity firm.

DistroKid serves more than 250,000 artists and provides a suite of tools
to help customers collect royalties from their music, 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 & services worldwide, including Amazon, Anghami,
Apple Music, Beatport, Deezer, Google Play, Instagram, KKBox, Napster,
Pandora, Saavn, Shazam, Spotify, Tidal, iHeartRadio, iTunes, YouTube,
and more.

Founded by serial entrepreneur and musician, Philip Kaplan, DistroKid
has been built around a mission to empower artists globally. DistroKid’s
artist-first ethos is evidenced by the company’s flat-rate pricing
structure in which a single, affordable annual subscription provides
musicians with all the functionality necessary to upload, manage and
market their songs online—while also 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. I’m
excited to partner with Silversmith as we embark on the next phase of
growth.”

Todd MacLean, co-founder and Managing Partner at Silversmith, commented,
“In the end, what we do—or try to do—at Silversmith is pretty simple. We
strive to find the very best founders, the ones with the vision and the
passion to build things customers can’t seem to live without, and work
tirelessly to support them. Given the transformation underway in the
industry as music moves into the cloud, DistroKid has built a lifeline
for artists to connect with the rest of the world. We believe the
opportunity to back an amazing entrepreneur like Philip, in a market
with real and growing tailwinds, is a rare one, and the type of
opportunity we founded Silversmith to make.”

As part of the transaction, MacLean and Sri Rao, a Principal at
Silversmith, will join DistroKid’s board. Kirkland & Ellis served as
legal counsel to Silversmith Capital Partners. Gunderson Dettmer served
as legal counsel to DistroKid, and Horizon Partners served as strategic
advisor. Financial terms of the investment were not disclosed.

About
DistroKid

DistroKid was founded in 2013 to provide musicians, managers, and record
labels with online tools and services that are innovative, easy-to-use,
and affordable. More than 250,000 artists rely on DistroKid and include
hobbyists, up-and-coming musicians, top YouTubers, and international
superstars like 21 Savage, Ludacris, Will Smith, Tom Waits, and more.
DistroKid’s expanding array of services include music distribution,
monetization, metadata customization, storage, and promotion.
DistroKid’s small staff, coupled with largely automated backend, has
enabled DistroKid to process over 4 million songs—while simultaneously
providing fast, personal & friendly customer service to artists of every
size. For more information, visit https://distrokid.com

About
Silversmith Capital Partners

Founded in 2015, Silversmith Capital Partners is a Boston-based growth
equity firm with $1.1 billion of capital under management. The firm’s
mission is to partner with and support the best entrepreneurs in
growing, profitable technology and healthcare companies. Representative
investments include ActiveCampaign, Digital Map Products, Impact,
RedAwning, LifeStance Health, and Partners Surgical. The founders have
over four decades of collective investing experience and have served on
the boards of numerous successful growth companies including Ability
Network, Dealer.com, Liazon, Liberty Dialysis, MedHOK, Passport Health,
SurveyMonkey, and Yapstone. For more information visit http://www.silversmithcapital.com.

Contacts

Media:
For Silversmith:
Joe
Collins
jcollins@riverinc.com
or
For
DistroKid:
hello@distrokid.com

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