Entertainment funding power-house Ingenious has launched its second music venture capital trust, Ingenious Music VCT 2, to raise £30 million ($53 million) to invest in new music enterprises.
Ingenious came to prominence in the music biz when it brokered Robbie Williams’ multimillion-dollar deal with EMI whereby the record company shares in all of Williams’ revenue streams. The first Ingenious Music VCT raised more than $26.5 million, making it the largest specialist fund of its type listed on the London Stock Exchange.
With two funds now in play, Ingenious claims it is the largest source of independent A&R investment in the U.K.
Ingenious has made the first investment from the fund by providing up to $531,000 for new band the Heights. It has formed joint venture company the Heights Recording with Channelfly Group, which owns a network of live music ventures and other music industry enterprises, such as artist management and a record label.
Channelfly can tap coin for all recording, artist, video, tour support and marketing costs incurred on the Heights — the first of what may be a number of similar deals using the Ingenious Music business model.
“Ingenious Music is very much in line with the government’s agenda of developing the U.K.’s creative industries,” said chairman Patrick McKenna. “With the 40% tax relief for VCTs, we have managed to deliver fiscal policy directly to the heart of the cultural objectives for the U.K., namely, risk investment into new talent.”