Radnor private equity firm NewSpring Growth is leading the way to help fund a Tampa, Florida music distribution firm, writes Lauren Coffey for the Tampa Bay Business Journal as reprinted in the Philadelphia Business Journal.

Symphonic Distribution provides distribution services for musicians to companies like Apple Music and Spotify.  

NewSpring led $37 million Series B funding for the firm, which was founded in 2006 by Jorge Brea.

Tampa-based Ballast Point Ventures also participated in the funding round. It led Symphonic’s Series A round in 2017 for $4 million.

Brea said he will use the cash infusion to build a corporate development team. Symphonic plans to acquire other companies within the industry by the second quarter as it fleshes out its technology offerings and acquires rights to music catalogs of independent artists.

“We’ve been impressed for a long time with what Jorge and the team are building at Symphonic, everything from their patented technology to their incessant focus on putting the independent artist first,” said Brian Kim, partner at NewSpring.

Symphonic Distribution is projecting net revenue of $12 million by the end of the year. The company’s revenue has tripled since Ballast Point’s 2017 investment.

Read more at Philadelphia  Business Journal about NewSpring Growth’s funding of Symphonic Distribution.