New York-based global private equity and venture capital firm Insight Partners has made an investment in DistroKid, a distributor of independent music, that values the company at $1.3 billion.
Deven Parekh, managing director at Insight Partners, said of the company, “DistroKid is transforming the music industry with its laser focus on innovation, including the latest technology and engineering expertise. By providing 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 with the company as it continues its rapid growth.”
“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.”
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 and representation on DistroKid’s board going forward.