Royalty Exchange, which works with royalty owners across a growing number of intellectual property, has raised $500,000 in new capital.
Among the investors in Durham-based IDEA Fund Partners.
As part of the investment, John Cambier of IDEA Fund joins the Royalty Exchange board.
The Raleigh-based startup plans to use the funds for further technology development as well as marketing and sales.
“We’re excited to have IDEA Fund Partners participate in this financing,” said Sean Peace, Royalty Exchange’s CEO and a co-founder. “As a Raleigh-based company, it’s encouraging to have the support of local investors. IDEA Fund Partners’ track record and experience working with early stage technology companies was very compelling. We look forward to having John on the board and working with IDEA Fund Partners as we grow the world’s leading online marketplace for royalty investments.”
IDEA Fund is the commercial venture capital group affiliated with non-profit economic development group NC IDEA.
Royalty exchange launched in 2011 and has branched out from an initial focus on royalties for song writers and artists.
“We believe that music and other royalties present an untapped asset class for investors seeking yield and uncorrelated alternative
investments,” Cambier said in a statement. “Sean and his team have created a unique valuation, auction and stream management
platform that is opening this market to the masses. We’re excited to partner with Royalty Exchange as one of the first investments out of our second fund.”