A USD$50 million (AUD$66 million) Series D funding round will fuel the continued growth and scale of Australian-owned music licencing marketplace Songtradr, bringing the total funding to date to more than USD$100 million.
The latest oversubscribed raise values the company at more than USD$300 million (AUD$397 million), and was backed by institutional investors Regal, Aware Super, Perennial, Argo and Greencape.
The Series D also saw the founder of Wisetech Global (ASX: WTC) Richard White, a former music industry executive himself, return with a follow-on investment, adding to a Series C round of US$30 million in August last year.
"Songtradr is rapidly accelerating as we continue to develop our tech-enabled B2B music ecosystem and integrate our new acquisitions," Songtradr CEO Paul 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 per cent revenue growth year over year in 2020 and we are on track to achieve this again in 2021."
Since completion of the Series C funding round, Songtradr has been on a shopping spree, acquiring music streaming service for live stream content creators Pretzel, global music agency Big Sync Music, creative agency MassiveMusic, Sydney-based sound design company Song Zu, and music search website Tunefind.
In September last year Songtradr also invested in ASX-listed music technology platform Jaxsta (ASX: JXT).
"I have watched Songtradr evolve rapidly over the last 3 years. During this time, Paul and his team have not missed a beat in delivering on their vision, which is impressive by any standard," Wisteech Global founder and CEO Richard White said.
"Songtradr has amplified its strong organic growth and ambitious product roadmap with a highly impactful M&A strategy that further enhances longer term growth potential.
"I believe the company now has the scale, global footprint and talent to accelerate its plan to transform the music industry."
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