Trolley, the company focused on streamlining and optimizing royalty payment processes for labels, publishers, distributors, and streaming services, has raised $23 million in a Series B funding round. This round was led by Wavecrest Growth Partners, with participation from existing investor Pace Capital.
Founded in 2015 in Canada under the name Payment Rails, Trolley has since expanded its services beyond the music industry to other sectors, including gaming, influencer marketing, and online marketplaces for freelancers and crafts. In the music realm, its client roster boasts big names like SoundCloud, Bandcamp, UnitedMasters, and Hopeless Records.
CEO Tim Nixon highlighted that the music industry has always been a central focus of their business, and this new funding will enable Trolley to deepen its commitment to supporting artists and music companies worldwide. Revenue VP Conor Cox added that the company plans to roll out new initiatives aimed at enhancing engagement with artists and music platforms while tailoring their solutions to meet the specific needs of clients.
Among the new features Trolley intends to implement with the raised funds are artist verification tools, royalty calculation systems, and payment management options, all designed to improve service quality and increase operational efficiency for clients within the music industry.
