(CelebrityAccess) — Music services company Kobalt announced that they have secured a new round of funding to the tune of $75 million in growth capital.
The Series D round of funding was led by Hearst Entertainment, who oversees distribution for a large library of content, including almost 200 feature films and 400 half hours of animated series.
Also participating in the funding round were UK-based venture capital firm Balderton Capital who have invested in a surfeit of digital companies and MSD Capital, an investment fund led by computer mogul Michael Dell.
"From the start, my vision for Kobalt has been to transform the music industry and help take it into the digital age," said Willard Ahdritz, founder and CEO of Kobalt Music. "With the high growth of streaming and the billions of microtransactions that take place per song, the music industry is more complex than ever. Guided by core principles of transparency, technology, and putting creators first, I have never been more sure that our platform, combined with our global creative team, is the right one to serve creators and rights owners in the rapidly evolving digital music environment."
If you're unfamiliar with the terminology of such funding, a D Series is typically the fourth round of capital funding for a non-public company. Historically, it's use suggests a well-funded company that is struggling to attain profitability, and which is not ready for an IPO. – Staff Writers