Songtradr raises $50m in series D seed funding, eyes off potential IPO
Australian B2B music licensing marketplace Songtradr has successfully raised USD $50 million in an oversubscribed Series D funding round.
Investors included Australian-based institutional investors Regal, Perennial, Argo, Aware Super and Greencape, plus further investment from Wisetech Global CEO Richard White.
News of the latest round of funding follows the marketplace’s successful completion of Series C funding in August 2020, which raised USD $30 million.
The latest round brings the company’s total funding to over $100 million to date, bringing their total company value to over $300 million.
Paul Wiltshire, Songtradr’s CEO, said that the investments will allow the marketplace to realise its vision as heavyweights within the digital music industry.
“Songtradr is rapidly accelerating as we continue to develop our tech-enabled B2B music ecosystem and integrate our new acquisitions,” Wiltshire said.
“Attracting such a blue-chip investor base into this round further endorses our vision of the future music industry in this rapidly evolving digital world, providing a strong foundation for the future.
“Songtradr experienced over 100% revenue growth year over year in 2020 and we are on track to achieve this again in 2021.”
In a recent interview with The Sydney Morning Herald, Wiltshire also revealed Songtradr’s IPO plans, noting the potential for the service to be listed on the ASX later in the year.
“I think we’re on track to become a public company in the near future,” Wiltshire told The Sydney Morning Herald over the weekend.
“At this stage, we’re looking at all opportunities. The second half of this year is possible, and we’re certainly working towards being in a position to do that.”
Songtradr’s successful Series D funding round follows on from a string of business deals in recent months, with the licensing marketplace acquiring MassiveMusic, Tunefind and Pretzel in addition to announcing partnerships with Melodie and Golden Robot Records.