Companies offering distribution and tech-led services to independent artists (and labels) are big business right now: witness DistroKid‘s recent $1.3 billion valuation, or UnitedMasters’ recent $550 million valuation.
One player in this space that has steadily carved out a solid global market for itself is Florida-headquartered Symphonic Distribution, which was launched in 2006 by former music producer – and now Symphonic’s CEO – Jorge Brea.
Today (January 3), Symphonic announced that it has raised $37 million in a Series B round of funding. The investment is led by NewSpring and Ballast Point Ventures.
Ballast, which like Symphonic is HQ’d in Tampa, Florida, previously led a $4 million round of funding into Symphonic in 2017.
Robert Faber, Partner, Ballast Point Ventures, said: “Watching Jorge and Taylor scale a homegrown Tampa technology company in the fast-growing music industry has been very impressive.
“We are excited to continue as Symphonic’s partner for this next leg of growth.”
Robert Faber, Ballast Point Ventures
“We are excited to continue as their partner for this next leg of growth, and we are further excited to welcome NewSpring to the investor group as Symphonic prepares for its future growth.”
Symphonic says it’s seen five years of strong growth in the past-half-decade, with projected net annual revenue at the end of 2021 of USD $12 million.
In addition to its Florida HQ, the firm has an international presence in Africa, Brazil, Colombia, Dominican Republic, Mexico, Spain and more.
NewSpring has invested in over 175 companies to date, and currently manages approximately $2.5 billion in assets.
Brian Kim, Partner, NewSpring, said of the firm’s Symphonic investment: “As the global trend toward streaming continues to guide the future of the music industry, Symphonic’s distribution platform offers independent artists the tools needed to supercharge their careers and expand their reach.
“We’ve been impressed for a long time with what Jorge and the team are building at Symphonic.”
Brian Kim, NewSpring
“We’ve been impressed for a long time with what Jorge and the team are building at Symphonic, everything from their patented technology to their incessant focus on putting the independent artist first.
“We look forward to working closely with Jorge and Ballast Point Ventures to broaden its offering and help Symphonic reach even higher levels of growth.”
To date, Symphonic has worked with clients such as Surf Mesa, Stick Figure, 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 among many others across a wide variety of genres worldwide.
Jorge Brea, CEO, Symphonic, said: “On behalf of all of the team members of Symphonic, I can’t put into words how excited we are about the next chapter.
“The partnership with NewSpring, along with our existing investor, Ballast Point Ventures, will help position Symphonic as a strong market leader in independent music technology, services and distribution.
“This investment will enable us to invest more in our clients, our technology platform, strategic initiatives, intellectual property and other acquisitions.”
Jorge Brea, Symphonic
“This investment will enable us to invest more in our clients, our technology platform, strategic initiatives, intellectual property and other acquisitions.”
Symphonic recently announced separate new partnerships with TIDAL and Joyner Lucas’s music start-up, Tully.Music Business Worldwide
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