Kobalt wins funding for web-based music royalty tracking

Kobalt, a London-based developer of online royalties collection and management services, has won £8 million of investment from Balderton Capital. As part of the deal, the firm now holds a minority stake in the publishing company, and Balderton Capital partner Tim Bunting joins the Kobalt executive board. Kobalt has developed a web-based centralised administration service allowing publishers track royalties more effectively and get paid faster. Founded in 2000 by Willard Ahdritz with investment from New Media Spark, Kobalt also handles artist management. (via)