Insight Partners completed the investment in DistroKid, an operator of a SaaS-based musical platform intended to distribute music at affordable prices, at $1.3bn valuation. Silversmith Capital Partners will retain a meaningful ownership position and representation on DistroKid's board going forward. "DistroKid is transforming the music industry with its laser focus on innovation, including the latest technology and engineering expertise. By providing developing artists with the same opportunities as superstars, DistroKid stands out in an industry traditionally known for being hard to break through. DistroKid has already become a household name among musicians of all levels and we're thrilled to partner with the company as it continues its rapid growth," Deven Parekh, Insight Partners Managing Director.