London - Kobalt Music Group, a U.K.-based music publishing firm whose roster includes Moby and Eminem's Eight Mile Style, has raised $16 million in a second round of funding led by Balderton Capital, PEHub.com reported.

Detroit - Hip-hop artist Eminem's music publishing company Eight Mile Style Music announced on Friday an administration, technology and marketing agreement with Kobalt Music Group, an online music publisher, and licensing and administration company Music Resources. Under the deal, Kobalt's online music publishing administration system will be used to collect, process and track royalties for all worldwide territories outside the U.S. and Canada, while Music Resources will collaborate with Kobalt and use its online technology for royalties in the U.S. and Canada. Eight Mile principal Joel Martin said the decision to go with Kobalt came after comparing competing services and finding "compelling advantages in Kobalt's level of accuracy, royalty tracking and transparency."