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Duetti, a growing catalog acquisition company that works with independent artists, said on Tuesday it has secured $200 million from a group of banks led by Truist.
Duetti says it will use the new lines of credit to finance the acquisitions of royalty and publishing catalogs, masters rights, and an expansion into “catalog management and marketing opportunities for a broader set of recording artists, songwriters, producers, and other collaborators,” according to a statement.
Launced in 2022 by former Tidal COO Lior Tibon and former Apple Music business development executive Christopher Nolte, the company has taken advantage of a surge in interest from Wall Street funders in companies that provide services to independent musicians and creators.
In October, Duetti raised $114 million including $34 million in equity financing from Flexpoint Ford, Nyca Partners and Viola Ventures. (The remaining $80 million was raised through the sale of a privately rated asset-backed security, structured and placed by Barclays.)
Viola Credit, which provided $50 million of the credit Duetti announced Tuesday (March 4), is the alternative credit asset management arm of Viola Group, which also includes Viola Ventures. Duetti said a $150 million bank facility was led by Truist Securities, with Truist Bank, City National Bank and Regions Bank as participating as joint lead arrangers.
Duetti says it works with independent artists who earn at least $2,000 a year from their music by providing cash in exchange for “their rights, royalty shares, or portions of their catalog … allowing them to unlock financial value from their work … ultimately making it easier for independent creators to earn money.”
The company, which employs 45 people based in Miami, New York, Los Angeles and London, has worked with more than 700 artists on deals worth as much as $7 million.
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