Duetti has raised $114 million in new funding.
The music platform aims to democratise catalogue monetisation for independent artists.
The latest funding includes $34 million in equity financing led by Flexpoint Ford, along with participation from existing investors Nyca Partners and Viola Ventures.
Additionally, Duetti successfully completed its inaugural $80 million privately rated asset-backed securitisation (ABS) transaction, backed by a diversified music rights catalogue. Barclays acted as the sole structuring and placement agent for the ABS.
"We believe we are leading the way in educating the capital markets on the significant long-term value of the independent music sector," said Lior Tibon, CEO and co-founder of Duetti and former Tidal COO. "The number of independent artists is growing at an unprecedented rate, and Duetti is here to ensure they have access to differentiated financing solutions. Duetti will now be able to utilise more diverse and efficient financing sources, enabling us to significantly expand and offer more funding options for independent artists, outside of the major label ecosystem."
The company aims to use the proceeds from its new funding to accelerate its acquisition of music catalogues and expand its proprietary forecasting, pricing, sourcing, and marketing technology.
Duetti is developing its marketing and optimisation capabilities, with programmes such as a playlist network of close to two million followers on Spotify, proprietary channels on YouTube, as well as ongoing remix launches and sync placements in TV shows, films and advertisements. The initiatives increase the visibility of Duetti's artist partners and grow their audience across all major digital platforms.
Duetti is here to ensure independent artists have access to differentiated financing solutions
Lior Tibon
"We are proud to support the Duetti team, one of the fastest growing music rights companies in recent years, and their innovative approach to music financing as they continue to empower independent artists," said Mike Morris, MD at Flexpoint Ford. "We see tremendous potential in their ability to provide scalable, data-backed solutions that address the evolving needs of musicians today and are looking forward to the company's exciting growth plans."
The investment was made through Flexpoint's Asset Opportunity Fund, which leverages the firm's expertise in financial services and private equity to invest in asset-driven investments across financial services subsectors and assets, including music.
Duetti has partnered with over 500 artists to date across genres, based in over 30 countries, including MC Delux, SadBoyProlific and Savannah Dexter.
Artists have been able to secure immediate access to the funds needed to support their careers by selling master catalogues and individual tracks (or portions of the works), in deals typically ranging from $10,000 to $3 million per artist.
In addition to immediate access to capital, the company's optimisation services have helped artists maximise distribution and audience impact across all platforms.
"Duetti has completely changed the game for me as an independent artist," said FTO Sett, Memphis-based rapper and Duetti artist partner. "Not only has my partnership with Duetti allowed me to fund new projects, but the team is also optimising my profile across streaming services to help reach a brand new audience and bring new opportunities to the table – some of my tracks saw a three-times increase in streams since I partnered with Duetti. It's hard to find a company that feels like a true partner, but Duetti has been just that for me."
Artists with tracks that have been on streaming platforms for at least two years, and have amassed at least 500,000 streams in the last 12 months, are eligible for partnering with Duetti.
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