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April 30, 2007
SAN DIEGO -- RoyaltyShare, a premier provider of digital royalty solutions to the entertainment industry, today announced a $5 million dollar Series B round of financing. The round was led by Trident Capital, a leading Palo Alto based private equity and venture capital firm. RoyaltyShare is also in discussions with potential strategic investors and may raise additional funds as part of the round.
"As the digital music industry continues to grow, the need has never been greater for record labels and content owners to invest in new infrastructure," said Don Dixon, co-founder and managing director of Trident Capital. "Our support for RoyaltyShare is based on our belief that digital music will become the primary channel for selling music and that the company's services will be a critical enabler of this expansion."
RoyaltyShare will use the new capital to expand operations, including establishing regional offices in New York, LA and Europe later in the year. The additional capital will also be used to increase support staff for its record label customers and to develop new services designed to simplify the process of selling music through digital and mobile sales channels.
Additional resources will be leveraged for exploration and investment in additional market opportunities as digital media commerce continues to evolve, including a Web-based royalty solution for music publishers.
"The level of success that RoyaltyShare has experienced in signing up leading independent record labels validates the great opportunity that exists for technology to dramatically transform the delivery and processing of digital media," said Bob Kohn, Chairman and CEO of RoyaltyShare. "This latest round of funding further supports our belief that we have the right solution for helping record labels navigate the highly technical and increasingly complex digital music industry."
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