Music distribution company UnitedMasters on Thursday raised $50 million in a Series C investment led by Andreessen Horowitz at what is now a $550 million valuation.
New York-based UnitedMasters will use the money to expand internationally, including in Latin America. It will allow more artists to maintain full ownership over their work in exchange for a fee. Additionally, the startup plans to invest in more technologies to help artists and independent creators with deals, brand partnerships and financial tools.
UnitedMasters’ growth is part of a trend in music startups boosted by platforms such as TikTok, which integrate a lot of music and sound in their short-form videos. Musicians often own the rights to their music, so these services could potentially help artists directly promote to people with a record company behind them.
“Every day we ask ourselves what more we can be doing to support our artists in finding success in a creator economy that often leaves the actual creators behind. Alongside our partners at a16z, we are going to double down on this mission, empowering artists to create and earn through reach, technology and partnerships” Stoute said in a statement.
“UnitedMasters’ impressive growth over the last year underscores that Steve and the team not only understand what the future of the music business looks like but also how to meet the demands of both independent artists and fans simultaneously,” David George, general partner at Andreessen Horowitz said.
UnitedMasters recently partnered with Coinbase to provide cryptocurrency capabilities to artists. It is also working with TikTok to support brands using in-app music and sound features.