Nine-figure fundraising rounds are still relatively rare in the music and tech space, so the news that the music and fintech startup Duetti secured $114 million in new funding is remarkable. This is not a one-size-fits-all deal, however. The company, which has acquired the catalogs of more than 500 artists since its launch, raised a $34 million funding round led by investment firm Flexpoint Ford. The remaining $80 million comes from its first “asset-backed securitization transaction” backed by a catalog of music rights.
It’s clearly the week of securitization announcements: we talked about it Third such offering from Concord (raising $850 million) earlier this week. Duetti said it plans to use its new funding to purchase more catalogs and double down on its “forecasting, pricing, sourcing and marketing technology” to support its artist partners.
“The number of independent artists is growing at an unprecedented rate and Duetti is here to ensure they have access to differentiated financing solutions,” said CEO Lior Tibon. “Duetti will now be able to utilize more diverse and efficient funding sources, allowing us to grow significantly and offer more funding options to independent artists, outside of the major label ecosystem .”
To learn more about what Duetti does, listen to our December 2023 podcast interview with Tibon.
