“Following ANote Music’s participation in our Fit4Start startup acceleration programme in 2019, it is a pleasure to see the company benefiting from Luxembourg’s R&D and innovation support again. Through the ‘Young Innovative Enterprise’ instrument, which aims to facilitate efficient scaling of promising young companies,” said Luxinnovation’s head of startup acceleration, Stefan Berend.

The grant, which could reach up to €800,000, is subject to the ability of the music rights management startup to meet targets it has set with Luxinnovation, including a forthcoming capital raising. So far, the startup founded in January 2018 by Marzio F. Schena, Matteo Cernuschi and Grégoire Mathonet has raised €1.5m.

Its team was reinforced by advisors Mathew Knowles (founder of Music World Entertainment and father of pop icon Beyoncé) and Carlo Antonelli. The startup also saw the value of its catalogue of music rights reach €6.5m and the number of investors double to 20,000 at the end of last year.

“We are delighted that the ministry is providing continued support to ANote as we strive to expand our research capabilities,” said Schena, the CEO of ANote Music. “We are very proud to align ourselves with the country’s reputation for growing innovative companies. The grant is an important step in our fundraising programme and will play a key role in the next phase of the company, where we will move from startup to scale-up, supporting our IP development, enabling us to continue to contribute and innovate in the music, royalty industry.”

Avril Lavigne, Avicii, the Beach Boys and Drake are among the artists who have listed some of their music rights on the Luxembourg platform.

This story was first published in French on . It has been translated and edited for Delano.