Royalty-free digital music provider Artlist said Monday it has raised $48 million in a financing round led by KKR.
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Existing investor Elephant Partners, which led a previously unannounced investment in 2018, also joined the round, the company said.
Ira Belsky, Artlist co-founder and co-CEO, said in a written statement that new funds will be used to add tens of thousands of new and original stock digital assets to its platforms to meet demand, as well as expand into new categories of assets, either organically or through acquisitions.
“The investment allows us to accelerate growth and product development, and quickly add new content that is aimed to be the top tier of digital stock in the world,” Belsky said in the statement. “We want to cater to all content creators with every type of digital asset they might need.”
Four years ago, Israel-based Artlist started building a catalog of music, stock video clips, and sound effects for the professional filmmaking industry and has since amassed more than 20 million pieces of content that over 1 million users have since downloaded, the company said in a written statement. Over the past year, YouTube video creators have become Artlist’s fastest-growing customer segment, the company said.
Patrick Devine, a member of KKR’s Next Generation Technology Growth investment team, said in a written statement that Artlist is helping creators focus on their work without worrying about having to find new content and license it each time.
“The growth of digital content creation—and the evolving way in which it is consumed—has generated a tremendous amount of opportunities for creators, but the process of licensing digital assets remains a significant challenge for small and large creators alike,” Devine said.
Photo courtesy of Artlist
Blogroll illustration: Li-Anne Dias
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