Royalty Exchange, a Denver, CO-based online marketplace for royalties, closed a $6.4m convertible note.
Led by CEO Matthew Smith, Royalty Exchange connects songwriters and musicians with private investors interested in royalty income. Its platform lets rightsholders sell a part of their royalty stream in an online auction. Meanwhile, artists keep full control of their copyrights and continue to earn royalties on what they don’t sell.
Thee company intends to use the funds toward hiring additional staff and investing in new technology. The company is hiring for business development, marketing, and artist/label relations roles. It is also developing new financial solutions for both buyers and sellers alike.
Royalty Exchange also announced the addition of three music industry veterans to its advisory board. They include:
– Jeff King, COO, SOCAN
– Bill Silva, Bill Silva Presents and Bill Silva Management
– Travis Hill, Carnival Music co-founder and songwriter (Kenny Chesney, Tim McGraw, Dixie Chicks)