Music financing platform Duetti confirmed its $90 million new funding to help it acquire and monetize independent artists' music catalogs, MusicTimes.com has learned.
On February 15, reports confirmed the data-centered music financing platform officially confirmed its whopping new funding led by Nyca Partners, Cohen Circle, and Duetti's lead seed equity investor, Viola Ventures.
According to PR Newswire, the $90 million funding includes $15 million of new equity. The remaining $75 million is Northleaf Capital Partners' credit facility.
Duetti's Plans With the $90M Funding Revealed
In a press release, Duetti CEO and co-founder Lior Tibon unveiled the platform's plans after years of acquiring music catalogs.
"The music industry has evolved and independent artists are bucking tradition and approaching their careers in new, savvy ways," said Tibon. "At Duetti, we are dedicated to making the industry more transparent and unlocking new opportunities for independent artists who are normally overlooked by the investment community and the more traditional label system."
With the new funding, Duetti aims to grow and expand its catalog acquisitions while working on its marketing capabilities and analytics technology. The company has expanded and opened new offices in Miami, Los Angeles, and New York.
Duetti's current artists are CVBZ, Relic, Ziezie, Madison Rose, Bazanji, Adrian Daniel, You Love Her, DopeNation, Croosh, and Sylvan Lacue. They have offered positive reviews about their partnership with Duetti and the platform's transparency and fairness.
As of press time, Duetti has already helped over 250 artists.
Duetti, which aims to democratize the music business, says on its website: "We enable artists to monetize their music catalogs on their own terms. We are fueled by a future of financial empowerment, a future where artists control their careers.
Duetti's Partners Share Excitement
After closing the funding, Nyca's Jeremy Solomon and Northleaf's CJ Wei expressed their respective companies' excitement about the partnership.
Solomon said, "The company's data-forward approach combined with its partner-centric model puts Duetti in a position to become a critical and scaled player in the music investment space."
Wei also praised Duetti's impressive "innovative systems and operational processes" that helped them in its ongoing success.
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