Duetti, a fintech platform that lends money to independent artists in exchange for stakes in their back catalogues, said on Tuesday it has secured $114 million from investors led by Create Music Group backer Flexpoint Ford.
Co-founded by the former COO of Tidal Lior Tibon and former business development executive at Apple Music Christopher Nolte In 2023, Duetti is the latest indie music company to benefit from a flood of funding and interest from institutional investors and private equity firms.
Duetti said it has raised $34 million in equity funding from Flexpoint Ford, Nyca Partners and Viola Ventures. Chicago-based Flexpoint Ford invested $165 million in Create Music Group earlier this year. Duetti also secured $80 million through an asset-backed private equity, structured and placed by Barclays.
This is Duetti's second public fundraise — last year it raised $32 million from investors including Roc Nation, Viola Ventures and Presight Capital — and its first ABS. Duetti chief executive Tibon described the combination of equity investments and ABS financing as more efficient and said in a statement that it would help them “accelerate [the company’s] the acquisition of music catalogs and the expansion of its proprietary forecasting, pricing, sourcing and marketing technology.'
“We believe we are leading the way in educating the capital markets about the significant long-term value of the independent music sector,” said Tibon. “The number of independent artists is growing at an unprecedented rate, and Duetti is here to ensure they have access to diversified financing solutions.”
Duetti says it works with more than 500 artists, including MC Delux, SadBoyProlific and Savannah Dexter, buying their tracks or entire master catalogs in exchange for funds that typically range from $10,000 to $3 million. Through digital marketing campaigns such as playlists and channels on Spotify and YouTube, along with traditional sync placements and better distribution, Duetti says it helps artists grow their audience, thereby generating more streaming revenue and profit for their investors.
CEO Flexpoint Ford Mike Morris called Duetti one of the fastest growing music rights companies in recent years.
“We see tremendous potential in their ability to provide scalable, data-driven solutions that meet the evolving needs of musicians today,” Morris said in a statement.
from our partners at https://www.billboard.com/pro/duetti-114-million-funding-flexpoint-ford-asset-backed-security/
