- The funding round brings Songtradr's total valuation to over $300 million
- Songtradr has boosted its revenue by 100% year on year in 2020
Songtradr Inc., a music company headquartered in Santa Monica, has announced that it has seized $50 million in Series D funding for its business-to-business music licensing platform. In a statement, the company mentioned that the raised funds brings Songtradr's total valuation to over $300 million.
The round included investment firms from Australia, including Perennial Value Management, Regal Funds Management, Argo Investments, Aware Super, and Greencap Capital.
Commenting on the funding, Songtradr's CEO, Paul Wiltshire, stated that the company boosted its revenue by 100% year on year in 2020 and intends to do it again in 2021. Songtradr is continuing to grow its software B2B music ecosystem and incorporate its latest acquisitions, added Wiltshire.
Since November, Songtradr has purchased CueSongs in London; Song Zu in Sydney, Australia; Pretzel Tech in Redmond, Washington; Tunefind in San Francisco; and Massive Music in New York. Following the completion of its previous $30 million investment round in August 2020, Songtradr had revealed its merger & acquisition goals.
"With an inspire M&A strategy, Songtradr has intensified its strong sustainable growth and audacious product roadmap, further enhancing long-term growth potential," stated Richard White, Founder and CEO of Illinois-based software firm, Wisetech Global that took part in the company's Series C funding round.
Reportedly, Songtradr's community of brands, advertising companies, streaming services, and the network has attracted over 600,000 artists, songwriters, and music rights owners since its inception in 2014.
As for its music distribution and licensing services, the company has secured strong clients such as Apple Inc., Walt Disney Co., Amazon.com Inc., Netflix Inc., and Google. Songtradr has operations throughout Europe and Asia-Pacific, in addition to its headquarters in Santa Monica.