DistroKid valued at $1.3 billion after funding from Twitter investor Insight Partners

DistroKid is a unicorn.The US-based DIY distribution platform confirmed today (August 16) that it has accepted an investment from Insight Partners which values it at $1.3 billion.(DistroKid hasn’t confirmed the size of Insight Partners’ funding but, by way of example, DistroKid would hit a $1.3 billion valuation if 10% of it was sold for $130 million, or if 1% was sold for $13 million.)Silversmith Capital Partners, a Boston-based growth equity firm that led DistroKid’s first outside investment in 2018, will retain “a meaningful ownership position” and remain on DistroKid’s board.MBW also understands that Spotify retains its minority stake in the distributor.Founded in 1995, New York-based Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments.Its portfolio includes the likes of Shopify and HelloFresh, while it was an early investor in Twitter.The $1.3 billion valuation puts DistroKid in the billion-dollar-plus distribution club alongside the likes of Believe – owner of DistroKid rival TuneCore – which currently carries a public market cap of €1.64 billion ($1.93 billion) on the Paris Euronext.In another important update today, DistroKid confirmed that it now has more than 2 million artists on…
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