Transparency is a big deal for Kobalt: a key part of the music publishing firm’s pitch to songwriters is its promise to not just track and collect more digital royalties for them, but to ensure they get faster, clearer information on those payments.
Transparency and Google? Well, that’s a matter of some debate – think YouTube’s NDAs with collecting societies – which is why Google Ventures leading a $60m funding round for Kobalt is intriguing news.
Announced this morning, the round also included participation from tech veteran Michael Dell’s investment firm, although it had chipped in to Kobalt’s previous $66m of funding. Kobalt says that the new round will help it ramp up its global expansion, with Latin America and Asia firmly on its radar to build on its growth in the US and UK – it claims to represent 40% of the top 100 songs in both – and mainland Europe.