Wednesday, June 7, 2017
Stem Snags $8M For Creative Payments Platform
Los Angeles-based Stem, which is developing a platform to simplify payments for musicians and other content creators, announced Wednesday morning that it has raised $8M in a Series A funding. The funding was co-led by Evolution Media and Aspect Ventures, and also included Upfront Ventures, along with music and entertainment figures Bruce Flohr, executives from Red Light Management; ROAR; WndrCo; Tyler Henry, Kevin Henry, Jahron Brathwaite and Armand Troy; Savan Kotecha; Big Loud Capital and Dina LaPolt. The company says it has now raised $12.5M in total. Stem was co-founded by Milana Rabkin, Tim Luckow and Jovin Cronin-Wilesmith. Stem says it has created a financial platform that unifies and manages contracts, distribution, payments and data for artists and creators.