NEW YORK (CelebrityAccess) — Duetti, a music platform focused on acquiring music from independent artists, announced it has raised more than $114 million in capital to fuel future catalog acquisitions.
The fundraising round includes $34 million in equity financing led by Flexpoint Ford, along with additional capital raised from existing investors Nyca Partners and Viola Ventures.
According to Duetti, the company will use the proceeds from the capital raise to accelerate its acquisition of music catalogs and expand its technical capabilities, including the expansion of its forecasting, pricing, sourcing, and marketing technology.
Duetti’s technology platform has helped the company develop programs such as a playlist network that is closing in on two million followers on Spotify, proprietary channels on YouTube, as well as ongoing remix launches and sync placements in TV shows, films and advertisements.
“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. “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 utilize 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.”
“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, Managing Director 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.”
