Music to the ears: Stem closes $8M Series A to help musicians get their money

by John Siegel
June 7, 2017

Stem, an LA-based startup that simplifies the payment process for music and content creators, announced this morning that the company had closed an $8 million Series A. The company said the funds would go toward scaling the team's financial solutions to further help artists get paid for their work.

Founded in 2015 by Milana Rabkin, Tim Luckow and Jovin Cronin-Wilesmith, Stem has created a financial platform that manages contracts, distribution and payments, providing artists with actionable data to help manage their careers. The round of funding comes a little over a year after the startup announced a $4.5 million seed round of funding. 

The round was co-led by Evolution Media and Aspect Ventures and included strategic investments from a number of music industry veterans, including Red Light Management, ROAR, WndrCo, whose partners include Anthony Saleh, music managers Tyler Henry and Kevin Henry with Jahron Brathwaite (aka PARTYNEXTDOOR) and Armand Troy, songwriter/producer Savan Kotecha, Big Loud Capital and Dina LaPolt.

“Each of our investors brings a unique perspective on music, entertainment and financial management, and we’re certain that together we’ll continue to develop a truly meaningful platform for artists and content creators,” said Rabkin, who serves as CEO, in a statement provided to Built In LA. “There is money in streaming, and with Stem, we’re aiming to eliminate the notion of the starving artist by empowering the creative class with the necessary tools and data to succeed in an increasingly competitive industry.”

 

Images via Stem.

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