ANote Music raises €2 million to scale royalty investing

ANote Music, the Luxembourg marketplace where investors buy shares of music royalty income, has raised €2 million in a round led by Seventure Partners, joined by Belgium’s ScaleFund and existing shareholders, to list more catalogues and widen retail access across Europe.

Music royalties have been pitched to European retail investors as the next accessible asset class for a decade, and for most of that decade the asset class stayed locked inside funds most of us could never touch. The good news is that someone kept building the access layer anyway. On 29 September, ANote Music announced €2 million to keep doing exactly that. Below, I lay out the round, the platform behind it, and why a small cheque in a $40 billion market says more than its size.

Seventure leads, ScaleFund follows

Paris-based Seventure Partners led the €2 million round, with Belgian early-stage fund ScaleFund and existing shareholders participating. Neither the company nor its backers put a stage label on it, so we will not invent one – it is a round, full stop, and in a market fond of stage inflation that restraint is almost refreshing.

The capital has three jobs, in the company’s own words: expand the income-producing catalogues listed on the platform, push marketing and user acquisition across Europe, and keep investing in the platform and its mobile apps.

“ANote has engineered the definitive financial plumbing for music royalties,” said Seventure’s David Manjarres in the announcement. Plumbing is the right word – this is infrastructure for moving royalty cash flows to new owners, not a consumer fad.

Shares in songs, listed in Luxembourg

Founded in 2018 by Marzio F. Schena, Matteo Cernuschi and Grégoire Mathonet, and live since the summer of 2020, ANote Music runs an exchange-style marketplace from Luxembourg City. Rights holders list a catalogue and raise capital without selling it outright; investors buy shares of the future royalty stream and collect the income as it is paid.

The traction is specific. The company reports 36 listed catalogues covering more than 100,000 songs, 52,000 user accounts, €28 million in cumulative transaction value and €2.2 million in royalties distributed to investors. Its own index of listed catalogues returned 9.56% a year between August 2020 and April 2026 – a self-reported figure, as every platform index is, but a track record few European alternatives platforms can print at all.

Our records show a €3.3 million venture round in July 2023 led by Algorand Ventures and ACME Innovation, which makes this raise a disciplined top-up six years into the journey rather than a blitz.

A $40 billion royalty pool growing at 6.55%

The segment ANote sells into is not small. The global music royalty market is worth $40.43 billion in 2026 and is forecast to reach $55.52 billion by 2031, a 6.55% CAGR (Mordor Intelligence, September 2026). Institutional appetite is no longer hypothetical either: Blackstone took Hipgnosis Songs Fund private in 2024 in a deal worth around $1.6 billion. The asset class has been validated at the top of the market; the open question is who builds the retail layer underneath it.

For scale, the same September week in our fundraising data saw Wealthcome raise a €15 million Series B for France’s wealth advisers and Humanos close a €2.8 million seed led by Anthemis. A €2 million round sits at the modest end of Europe’s fintech cheques – deliberately so, for a platform whose economics compound with listed supply rather than with burn.

Small round, patient asset class

So what does a €2 million cheque tell us that a €100 million one would not? That the European wave in retail alternatives is being built patiently, by platforms that survive on transaction volume rather than venture subsidy. A 6.55% growth market does not reward blitzscaling; it rewards whoever is still standing when the catalogue supply arrives. That is what we are seeing across the continent’s capital-markets fintech right now, from wealth software in Paris to royalty exchanges in Luxembourg.

It is also a telling cheque for the investors. Seventure is better known for biotech and foodtech than for music, and its arrival in royalty infrastructure says the firm reads this as financial plumbing, not entertainment. And Luxembourg, a country whose entire modern economy is built on fund administration, is a pointed place to domicile an exchange for a new asset class.

What to watch from here: whether the catalogue count climbs meaningfully beyond 36, whether 52,000 accounts become repeat traders, and whether other European platforms follow the unlabelled-round discipline instead of dressing up bridges as Series letters. Europe does not need another promise of democratised assets; it needs platforms that survive long enough to deliver one. ANote Music just bought itself more runway to do exactly that. Watch the catalogue count, not the headlines.