The $60 million in funding announced by Kobalt last week will contribute towards the company’s physical expansion into Brazil and South East Asia.
The Series C funding round included Google Ventures, MSD Capital, L.P., the private investment firm for Michael S. Dell and his family, which is a current Kobalt investor, and MSDC Management, L.P. It adds to the $66 million already raised by the company.
Kobalt intends to use the new capital to double its tech team and further develop its suite of technology solutions for the reporting and collection of royalties.
“I’m going to employ 50 people now directly, in the coming weeks,” Kobalt founder and CEO Willard Ahdritz (pictured) told Music Week. “I don’t think there are too many music companies employing 50 people in London.”
On top of the planned technology expansion, however, Kobalt will also be opening offices in new territories. The company recently stepped into Latin America, opening a Miami office, with former CEO of EMI Latin America Nestor Casonu advising the Kobalt executive team. Kobalt aims open a Brazil office within the next three months followed by an office in South East Asia.
“We already work in Brazil, Mexico and other places electronically and we work with agents,” said Ahdritz. “Now we’re going to put our own people in place, our own boots on the ground in these territories.“
Speaking about the new funding more generally, Ahdritz said: “We take great pride in the fact that Google Ventures and MSD Capital both share our vision of technology and transparency working together to create a new industry structure in today’s complex digital world.
“We are relentless in our mission to increase trust between the music and technology industries in order to build a new infrastructure that benefits fans, creators, rights owners and DSPs, all together.