The distribution and payments platform
Stem has received a $20m round of funding, led by venture capital firm
QED Investors and the tech/financial services company
Block Inc.
This new round of investment will help fund the next phase of Stem’s growth as it launches a range of tools to simplify royalty accounting for artists and labels, regardless of their distribution partner.
“It’s asinine that labels are still sending paper statements to artists a couple times each year,” says
Milana Lewis,
CEO of
Stem. “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.”
Stem’s clients have included
Brent Faiyaz,
Melii,
Wiz Khalifa and
Juicy J and the
Big Loud label.
With the new investment,
Frank Rotman of QED joins the Stem board, which includes
Michael Vaughn, former COO of
Venmo, and
Aditi Maliwal,
partner at
Upfront Ventures.
Rotman said, “QED invests in companies driving the future of finance, and Stem is leading that charge in the music industry. Milana’s vision for the future of payments promises to disrupt the status quo and empower artists, labels and creators of all sizes.”
