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Artlist raises $48M led by KKR for its royalty-free music, video and sound effect library

Like it or loathe it, video has proven to be the most engaging of all mediums across the web, and today a company out of Israel called Artlist — which provides royalty-free libraries of music, sound effects and even video itself to enhance video content — is announcing a significant growth round of $48 million, both to continue its expansion, and to build better technology to help navigate users to the perfect clip.

The funding is being led by KKR, with participation also from Elephant Partners, a VC out of Boston that has also backed Allbirds, Scopely and Keelvar among others. This is the first funding that Artlist has ever announced, although Elephant had backed it with a previously undisclosed amount previously. Ira Belsky, Artlist’s co-CEO who co-founded the company with Itzik Elbaz, and Eyal Raz and started as a filmmaker himself, said the company has mostly been bootstrapped since being founded in 2016. It’s not disclosing the total amount raised to date, nor its valuation except to say that it’s on the rise.

“We have been 100% cash flow positive since the day we started,” he said. “We just want to accelerate growth because there is an opportunity to cater to a wider audience.”

The market gap that Artlist is tackling is a byproduct of how the internet is used and evolving. According to a recent report from Sandvine, video accounts for just under 58% of online traffic globally, with video, social and gaming (with the latter two also being very video-heavy) together accounting for some 80% of traffic. That speaks to a huge amount of content being made available not just from premium media provides like Netflix or Disney, but popular a

Article source: https://techcrunch.com/2020/06/29/artlist-raises-48m-led-by-kkr-for-its-royalty-free-music-video-and-sound-effect-library/

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