$20M SEEDS GROWTH FOR STEM

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.”