Music distribution and payments platform Stem raises $20 million in new round of funding

US-based music distribution and payments platform Stem today (April 18) confirmed that it has raised a new round of $20 million in funding.

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The investment is led by QED Investors, a major venture capital firm in the fintech space.

It is also backed by Block, Inc., a global technology and financial services company. QED Investors and Block, Inc. will be joined by former Stem investors Slow Ventures and Quality Control.

Stem says the new round of investments will help fund the next phase of its growth as it launches a “set of tools for artists and labels that want more control and transparency over their finances, regardless of who they are.” choose them as distributors”.

Announcing the new salary increase, Stem CEO Milana Lewis said: “It makes no sense that labels still send written statements to artists a few times a year.

“We believe labels should have a dashboard that tells them how much they’ve invested and shows their artists and staff when to expect a payout. We brought that experience to life for our customers, and now we want to give everyone the experience they deserve.”

For the past six years, Stem has distributed music on commission from artists such as Brent Faiyaz, Melii, Wiz Khalifa and Juicy J, as well as record labels such as Big Loud.

Frank Rotman, Founding Partner of QED, said, “QED invests in companies that are driving the future of finance and Stem is a leader in the music industry. Milana’s vision for the future of music payments promises to disrupt the status quo and empower artists, labels and creators of all sizes.

“We are excited to add Stem to our portfolio of fintech innovators and offer our years of expertise to support the growth of fintech companies.”

Block, Inc.’s Jesse Dorogusker added, “We’ve seen firsthand the kind of creativity small businesses can unleash when we remove the barriers to financial tools that enable them to accept payments, raise capital and grow. We’re excited to support Stem’s mission to put that kind of power in the hands of artists.”

Sten’s latest raise is the first since August 2020, when Sten secured $10 million in funding.

Stem’s past backers have reportedly included Scooter Braun, Mark Cuban, Vayner Capital, Upfront Ventures, Aspect Ventures, Dina LaPolt, and Savan Kotecha.

In addition to distribution, Stem also offers independent artists and labels financial tools that allow Stem clients to track their earnings, access funds, manage splits with collaborators, and automate payments.music business worldwide

https://www.musicbusinessworldwide.com/music-distribution-and-payments-platform-stem-raises-20-million-in-fresh-funding-round/ Music distribution and payments platform Stem raises $20 million in new round of funding

Fry Electronics Team

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