Raleigh startup The Royalty Exchange has raised $500,000 in funding from a group of investors that includesTriangle venture capital firm IDEA Fund Partners.
The 12-employee company plans to use the money to expand its sales and marketing efforts and further develop its online auction technology.
Royalty Exchange operates an online marketplace that auctions off royalties for music and other forms of entertainment. In addition to Raleigh, it has offices in Los Angeles, Nashville and New York.
The company, which was founded in 2011, has been enjoying double-digit revenue growth on a quarter-over-quarter basis, said CEO and co-founder Sean Peace.
Peace said Royalty Exchange has developed a new royalty analysis tool for music publishers and songwriters that lets them analyze their royalties and suggests ways to monetize them. Peace anticipates it will juice up revenue.
“It’s a way for them to see the value in what we do,” he said.
Last year Royalty Exchange raised $2 million from Grotech Ventures, a Virginia venture capital firm.
John Cambier, managing partner at IDEA Fund, has joined Royalty Exchange’s board of directors in conjunction with the investment.