Willard Ahdritz Exits Kobalt to Build a New Venture Firm for Music and Media Technology

Kobalt Co-Founder Willard Ahdritz has left his old chair empty and set himself a new seat at the helm of a venture fund. Ahdritz Capital Partners, his new music and media technology investment vehicle, has named its second big hire: Isabel Keulen, who joins as investment partner.

The announcement came Thursday (Oct. 1). Keulen arrives from the Stockholm School of Economics, where she served as CEO of the school’s startup incubator, SSE Business Lab, and its early-stage venture capital fund, SSE Ventures. She is based in Sweden, and her arrival adds banking and tech venture experience to a team that already includes Stephen Langer, who joined Ahdritz Capital earlier this year from Lazard’s Media, Entertainment & Sports group.

Ahdritz’s Track Record

Ahdritz spent 25 years building Kobalt into a major player. He founded the company and ran it as CEO for 20 years, managing $1.7 billion in music assets and facilitating $10-$12 billion in creator funds along the way. He stepped down as chairman of Kobalt following its sale to Primary Wave in July.

His stated goal now is to help international companies establish themselves in the United States and other key markets. He wants to do that through introductions, resources and hands-on support from his New York headquarters. “Twice I have been out on the street in New York pitching my own start-up, so I know firsthand how hard it is to land on a new continent and build the operations and network from nothing,” Ahdritz said. “We will be hands-on with founders on the hard questions. To be big globally, you have to be big in the U.S.”

The Fund’s First Moves

Ahdritz Capital has already made investments in several firms. The $20 million fund has backed Madverse Music Group, the New Delhi-based distributor founded in 2023 by CEO Rohan Nesho Jain, as well as the superfan music platform Even. Other investments include Fever, Soundtrack, un:hurd music and several creator engagement platforms including Telly, Sweet, SCOR and Airspot.

Madverse offers digital distribution services to independent music clients for a monthly fee. That fee is similar to TuneCore and DistroKid, though Madverse differs from those competitors in one key way: it uses AI to enhance its publishing, administration, advertising and other services. The company has added around 100,000 users over the past 18 months, bringing its total to 200,000 independent artist and label clients across more than 40 countries.

Keulen’s Background

Before SSE, Keulen was a principal at Spintop Ventures, which backs early-stage technology companies. Her resume also includes a long stint at the Stockholm School of Economics, where she ran the incubator and the fund. In a statement, she praised Ahdritz’s record directly.

“[Ahdritz] has spent 25 years proving that backing creators and founders on fair terms builds real, lasting companies, and he started before Sweden even had a unicorn,” Keulen said. “Today, Stockholm produces more unicorns per capita than any city outside of Silicon Valley, with several of the biggest tied to music and the creator economy.”

Langer’s Role

Langer joined Ahdritz Capital in May from Lazard’s Media, Entertainment & Sports group, where he helped build the group’s music M&A practice. His decade of experience in entertainment and media finance included serving as the exclusive financial advisor to Primary Wave on its acquisition of Kobalt from Francisco Partners. Lazard was also the exclusive advisor to Searchlight Capital on its strategic investment into Chord Music Partners.

“It’s been incredible to work alongside Willard, an innovator in our industry, and build ACP with him the last few months,” Langer said in a statement. “We have a great team in place to support the next wave of music and media technology companies.”

What Ahdritz Wants to Build

The fund’s stated mission is to help companies cross borders. Ahdritz knows the difficulty of that transition personally. His pitch to founders is simple: he will be there on the ground, asking the hard questions and offering hands-on support.

The fund’s investments so far suggest a focus on distribution and fan engagement. Madverse fits squarely into the distribution category, while Even and the other platforms sit closer to the creator economy side of the business. The mix points toward a strategy that spans both ends of the value chain.

The Swedish Angle

Keulen’s appointment carries a distinct Swedish angle. She brings experience running an incubator at the Stockholm School of Economics, a school that has produced a notable stream of successful startups. Her statement noted that Stockholm now produces more unicorns per capita than any city outside of Silicon Valley, with several of those companies tied to music and the creator economy.

That context matters for Ahdritz’s broader thesis. He is betting that the model that worked in Sweden — backing creators on fair terms — can scale internationally.

The Numbers Behind the Story

• Ahdritz managed $1.7 billion in music assets at Kobalt
• He facilitated $10-$12 billion in creator funds at Kobalt
• Ahdritz Capital is a $20 million fund
• Madverse has added around 100,000 users over 18 months
• Madverse serves 200,000 independent artist and label clients across 40+ countries

Comparing the Early Investments

The fund has deployed capital across a range of early-stage firms. Its leadership team includes bankers and venture veterans alongside a founder who built a major music company from scratch.

Ahdritz has already proven he can build a company from scratch. Now he is trying to help others do the same.

Source material: “Kobalt Co-Founder Willard Ahdritz Launches Music & Media Tech Venture Firm,” Billboard.

Kobalt · music tech · startup funding · venture capital · Willard Ahdritz