__________________________________
After 10 years as a bootstrapped company, Symphonic Distribution found a venture capital firm that it wanted to partner with. The digital music distributor has secured a $4 million minority investment from Tampa based Ballast Point Ventures (BPV).
Symphonic digitally distributes music to over 300 retail and streaming platforms, for thousands of labels and artists worldwide. Symphonic has staked out its place in the competitive and cost driven music distribution sector as a fully independent flat fee "artist first" distribution solution with a variety of flexible services and payment options.
Founded in 2006 by CEO Jorge Brea in Tampa, FL, Symphonic Distribution provides new and established record labels and individual musicians with digital music distribution. Symphonic's software-as-a-service offering provides a platform for artists to upload compositions, distribute to consumer platforms, manage and receive royalty payments, and select a variety of additional services.
"We are excited by the possibilities that BPV’s minority investment provides," said Brea. "The Symphonic Distribution team has worked diligently to provide innovative products and superior customer service for our musician and label clients. With this funding, we will be able to attract more top talent and accelerate the development of the Symphonic Distribution platform.”
"Symphonic Distribution’s industry-leading position in digital music distribution is a testament to the vision and platform developed by Jorge Brea and his team over many years," said Ballast Point Ventures' Robert Faber, who will join the Symphonic Board of Directors.
BPV is a later stage venture capital and growth equity firm founded in 2002 with $360 million currently under management. The VC is seeking to make initial equity investments ranging in size from $4 million to $10 million.
from hypebot http://ift.tt/2n81YmY
No comments:
Post a Comment