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Apple Invests in Music Startup Devoted to Independent Artists

  • Steve Stoute’s UnitedMasters gives makers full control of work
  • Apple joins Alphabet, Andreessen Horowitz in funding round

Apple Inc. is buying a stake in UnitedMasters, investing in a music-distribution company that is trying to undercut major record labels by offering artists full control of their music.

UnitedMasters raised $50 million in its Series B funding round, the company said Wednesday, valuing the business at $350 million. Alphabet Inc. and Andreessen Horowitz, which invested in UnitedMasters in 2017, are also participating in the round.