Songtradr raises $50m in collection D funding spherical – and could possibly be headed for an IPO
Songtradr’s B2B music licensing market raised $ 50 million in an oversubscribed Series D funding round. The company is now looking at a possible listing on the stock exchange – perhaps in the second half of the year.
Institutional investors based in Australia such as Regal, Aware Super, Perennial, Argo and Greencape, as well as a follow-up investment by the founder and CEO of Wisetech Global, Richard White, took part in the round.
Songtradr’s most recent funding round follows the $ 30 million Series C round in August last year, when the company was valued at $ 165 million at the time.
The Los Angeles-headquartered music rights firm has raised over $ 100 million to date and valued the company at over $ 300 million.
Previously, Songtradr raised $ 4 million in a Series A funding round in 2018 and $ 12 million in a Series B funding round in 2019.
Songtradr, which describes itself as “the world’s largest B2B music licensing market,” specializes in licensing completely deleted music for syncing with a range of customers including Disney, Netflix, Apple, Coca-Cola, Amazon and Columbia Pictures.
It claims to connect over 600,000 artists, songwriters and music rights holders to a B2B marketplace of music buyers such as brands, advertising agencies, streaming platforms, SVOD networks, film, television, game companies and influencers.
The company has over 300,000 licensed tracks across its ecosystem and more than 1.5 million tracks on its platform.
Since closing the Series C funding round last August, Songtradr has said it has pursued an acquisition strategy “to strengthen its ecosystem.”
The company made four acquisitions in 2021 alone, the last of which was creative music agency MassiveMusic earlier this month. This deal was followed by the company’s acquisition of the music and sound design company Song Zu in March and of Tunefind and Pretzel in April.
Songtradr also acquired UK sync licensing company Cuesongs in November 2020 and announced its investment in ASX-listed music data company Jaxsta in September 2020.
In a news release announcing the funding round today (June 21), Songtradr Founder and CEO Paul Wiltshire said, “Songtradr is accelerating as we evolve our technology-enabled B2B music ecosystem and integrate our new acquisitions.
“The acquisition of such a blue-chip investor base for this round confirms our vision of the future music industry in this rapidly developing digital world and offers a strong foundation for the future.
“Songtradr recorded over 100% year-over-year sales growth in 2020 and we are well on the way to achieving that in 2021.”
He added that Songtradr has “reinforced its strong organic growth and ambitious product roadmap with a highly impactful M&A strategy that further increases its longer-term growth potential.”
The Sydney Morning Herald reports that Songtradr’s new round of funding is ahead of its possible listing on the ASX in Australia.
“I think we are well on our way to becoming a public company in the near future,” Wiltshire told The Sydney Morning Herald over the weekend.
He added: “At this stage we are looking at all possibilities. The second half of the year is possible and we are definitely working on being able to do so. “
“Songtradr is accelerating rapidly as we evolve our technology-enabled B2B music ecosystem and incorporate our new acquisitions.”
Paul Wiltshire, Songtradr
Richard White, Founder and CEO of Wisetech Global, added, “I’ve seen Songtradr grow at a rapid pace over the past 3 years. During this time, Paul and his team did not miss a thing in order to achieve their vision, which is impressive in every way.
“Songtradr has reinforced its strong organic growth and ambitious product roadmap with a highly impactful M&A strategy that further increases its longer-term growth potential.
“I believe the company now has the size, global presence and talent to accelerate its plan to transform the music industry.”Music business worldwide