Duetti, a rising catalog acquisition firm that works with impartial artists, mentioned on Tuesday it has secured $200 million from a bunch of banks led by Truist.
Duetti says it’ll use the brand new traces of credit score to finance the acquisitions of royalty and publishing catalogs, masters rights, and an enlargement into “catalog administration and advertising and marketing alternatives for a broader set of recording artists, songwriters, producers, and different collaborators,” based on an announcement.
Launced in 2022 by former Tidal COO Lior Tibon and former Apple Music enterprise improvement govt Christopher Nolte, the corporate has taken benefit of a surge in curiosity from Wall Road funders in corporations that present companies to impartial musicians and creators.
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In October, Duetti raised $114 million together with $34 million in fairness financing from Flexpoint Ford, Nyca Companions and Viola Ventures. (The remaining $80 million was raised by the sale of a privately rated asset-backed safety, structured and positioned by Barclays.)
Viola Credit score, which supplied $50 million of the credit score Duetti introduced Tuesday (March 4), is the choice credit score asset administration arm of Viola Group, which additionally contains Viola Ventures. Duetti mentioned a $150 million financial institution facility was led by Truist Securities, with Truist Financial institution, Metropolis Nationwide Financial institution and Areas Financial institution as taking part as joint lead arrangers.
Duetti says it really works with impartial artists who earn at the very least $2,000 a yr from their music by offering money in alternate for “their rights, royalty shares, or parts of their catalog … permitting them to unlock monetary worth from their work … in the end making it simpler for impartial creators to earn cash.”
The corporate, which employs 45 individuals based mostly in Miami, New York, Los Angeles and London, has labored with greater than 700 artists on offers value as a lot as $7 million.
