Kobalt announced today that it has secured another $14 million to its recent Series D round of growth capital, bringing the total to $89 million. Venture capitalist Bill Maris, who led the round, has joined the company’s board of directors.
The Sweden-based music-rights and publishing company, which represents Paul McCartney (pictured), Kelly Clarkson, Dave Grohl, Dr. Luke, The Chainsmokers, the Miles Davis estate and many others, announced in May that it has raised $75 million in growth capital. That Series D round was led by Hearst Entertainment, with participation from Balderton Capital and MSD Capital.
“Bill is one of the most important investors and leaders in the tech community,” said Kobalt founder and CEO Willard Ahdritz. “Having him join our board is not only a great moment for Kobalt but also for the music industry that needs more tech experience. He’s been with us since 2014 and is now doubling down to help us see through our mission of bringing the music industry into the digital age.”
“The royalty collection business has been stuck in the dark ages, and artists often have to wait for months or years to get paid for use of their work – if they get paid at all,” said Bill Maris, founder, Section 32. “Kobalt is the only company to have created a full multi-rights content management system to fix this broken business model, and I couldn’t be happier to join the board and invest again in Willard and the team at Kobalt.”