Music distributor raises $37 million

TAMPA — Symphonic, a Tampa-based music distribution company, has raised $37 million in series B financing.

The company, on its website, says the investment “will enable us to accelerate new technology development, increase headcount of our worldwide teams across our existing and new markets and give us the opportunity to fulfill acquisitions across the music and technology sectors.”

The post does not provide details on what those growth plans are or how many employees it looks to add.

The funding round is being led by NewSpring Growth out of Philadelphia and Tampa-based Ballast Point Ventures, which participated in Symphonic’s first Series A fundraising in 2017.

Jorge Brea, the company’s founder and CEO, says in the post that the money “will help position Symphonic as a strong market leader in independent music technology, services and distribution.”

“This investment will enable us to invest more in our clients, our technology platform, strategic initiatives, intellectual property and other acquisitions.” 

Brea founded Symphonic in late 2006 in Wesley Chapel and moved to Tampa in 2017. The company works with new and established musicians, managers and record labels to distribute music worldwide through streaming and retail platforms as well as offering other services.

While headquartered in Tampa, the company has offices in Brooklyn, Nashville, Columbia and Brazil as well as representatives working in the Dominican Republic, Spain, South Africa, Nigeria, Mexico, Atlanta, Seattle and Philadelphia.