Luxembourg-based ANote Music closes a €2M round led by Seventure Partners and ScaleFund to list more catalogues and reach investors across Europe.
Luxembourg-based ANote Music has closed a €2 million round led by Seventure Partners, with Belgian fund ScaleFund as co-lead. The money goes to more catalogues, user acquisition in Europe and product development.
The pitch is less “invest in music” than “a market for one asset”. Since 2020, ANote has assembled a primary auction, a live secondary order book and an automated royalties engine, now covering 35 catalogues and 52,000 accounts, with over €28 million traded. That is what won over Seventure’s David Manjarres: “To unlock a global asset class, you need flawless infrastructure, not just a platform.”
Co-founders Marzio F. Schena, Matteo Cernuschi and Grégoire Mathonet are candid about the limits. Blackstone’s roughly $1.6 billion take-private of Hipgnosis proved institutional appetite, but “an asset institutions can buy is not automatically one individuals can access,” they told Silicon Luxembourg. The 2022-23 rate cycle, which repriced listed royalty funds, taught them the gap between an asset’s income and its price.
“We would rather list fewer catalogues than list ones we cannot stand behind.”
ANote Music co-founders
Selection is deliberately conservative. Catalogues are valued on the lowest of the last 12, 24 or 36 months of annualised royalties, so a sync-driven spike is not priced in, and very young catalogues, which can drop 30% a year, are avoided. “We would rather list fewer catalogues than list ones we cannot stand behind.”
Liquidity gets the same treatment. The order book uses price bands and thin-trading alerts; popular catalogues trade readily, smaller ones may require patience. The ANote Music Index returned 9.56% a year from August 2020 to April 2026, though the founders stress that royalty income can fall.
On technology, they dropped the Algorand layer mirroring transactions: cost and complexity outweighed user benefit. They are now assessing a return under the EU’s MiCA rules.
Silicon Luxembourg last covered ANote when it passed €1 million in royalties distributed; the figure now exceeds €2.2 million. Backed by Luxinnovation, the team wants royalty shares to feel as ordinary as an ETF.
Hey readers, the co-founders of ANote Music will be our guests at our next ‘Startup Apéro’ after-work talk event on 1 December. Sign up now!
