Posted on April 18th
US-headquartered music distribution and payments platform Stem has today (April 18) confirmed that it’s raised a $20 million new round of funding.
The investment is being led by QED Investors, a significant venture capitalist firm in the fintech space.
It’s also being supported by Block, Inc., a global techn and financial services company. QED Investors and Block, Inc. are joined by previous Stem investors Slow Ventures and Quality Control.
Stem says that the new round of investment will help fund the next phase of its growth as it launches a “range of tools to artists and labels who want to gain greater control and transparency in their finances, no matter who they choose as a distribution partner”.
Announcing the new raise, Milana Lewis, CEO of Stem, said: “It’s asinine that labels are still sending paper statements to artists a couple times each year.
“We believe that labels should have a dashboard that tells them how much they’ve invested and shows their artists and collaborators when they can expect to get paid. We’ve brought this experience to life for our clients, and now we want to give everyone the experience they deserve.”
Original article: https://www.musicbusinessworldwide.com/music-distribution-and-payments-platform-stem-raises-20-million-in-fresh-funding-round/