Independent music distribution and label services company Symphonic Distribution has raised $37 million in a series B funding round. Led by Philadelphia-based NewSpring Growth, the round also includes Ballast Point Ventures, which invested in Symphonic’s $4 million venture funding round in 2017.
Symphonic, based in Tampa, helps labels and artists distribute music, videos, ringtones, etc. to hundreds of retail and streaming platforms. The company said the new funding will be used to develop new technology and complete acquisitions, as well as expand employee numbers across existing and new markets.
Over the past 12 months, Symphonic has expanded to Brazil, Mexico and South Africa, and is one of a number of distributors partnering with Tidal as part of a user-centric payments model announced last month. 11. Also in late 2021, the company partnered with Found.ee, a digital advertising platform.
“On behalf of all the members of the Symphonic team, I cannot put into words how excited we are about the next chapter,” commented. Jorge Brea, CEO of Symphonic. “Partnering with NewSpring, along with our existing investor, Ballast Point Ventures, will help position Symphonic as a strong market leader in technology, services and independent music distribution. . This investment will allow us to invest more in our customers, technology platforms, strategic initiatives, intellectual property and other acquisitions.”
https://www.billboard.com/pro/symphonic-series-b-funding-round/ Symphonic Raises $37M to Drive Conversions, Expansion – Billboard