steve stoute

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Former record label executive Steve Stoute has known the top brass at Apple for years. Still, he didn’t expect to take in money for his startup from the “ultimate strategic” investor in his latest fundraise, Stoute tells Insider.

UnitedMasters, a startup that helps independent artists get their music to fans, said this week it closed $50 million at a $350 million valuation. The funding round was led by Apple, meaning the tech Goliath wrote the biggest check.

Google parent company Alphabet and Andreessen Horowitz, both existing investors, also participated in the round.

The startup is a rare investment for Apple, the world’s most valuable brand. The Cupertino company hasn’t led a funding round since it backed Chinese ride-hailing giant Didi Chuxing in 2017, according to an Axios report.

Stoute, who is founder and CEO of UnitedMasters, said there was no formal courtship. He’s known Eddy Cue, Apple’s head of services, for years, and he worked on a star-studded commercial for Apple Music that aired in 2015.

He said he found “alignment” with the decision-makers there.

UnitedMasters bills itself as the record label in your pocket. It signs independent artists and helps them release their music on streaming services, like Spotify and …read more


Source:: Businessinsider – Tech

      

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