Fast-growing music publishing company Sentric Music has taken on a multi-million pound investment from UK-based venture capital business BGF.
AIM-listed BGF, which has earmarked up to £2.5bn ($3bn) in capital for long-term equity investments, is backed by five of the UK’s main banking groups – Barclay’s, HSBC, Lloyds, RBS and Standard Chartered.
The company has pumped initial funding of £3m ($3.7m) into Sentric, to help accelerate the Liverpool-born publisher’s international expansion plans, as well as forming a strategic partnership to fund future acquisitions.
Liverpool-headquartered Sentric Music works with more than 90,000 songwriters, providing music publishing, licensing opportunities and royalty collection services. (Read MBW’s recent in-depth profile of the company through here.)
Neil Inskip, BGF
In addition to expanding internationally, Sentric plans to use BGF’s investment to continue to develop its products, services and platform.
Sentric currently employs 40 people across Liverpool, London, Hamburg, Amsterdam, New York and Los Angeles.
Chris Meehan, founder and CEO, Sentric said: “With the support of our early investors and the songwriters we work with, Sentric has enjoyed exceptional growth during the past decade. We want to continue growing, developing and exploring new opportunities.
“Now is the right time to bring BGF on board. Their long-term investment and minority partnership means that we can continue to implement our plans without giving up control of the business.”
Chris Meehan, Sentric Music
Neil Inskip, BGF said: “Chris and his team have developed a smart and sophisticated technology-based solution for some complex and deeply ingrained inefficiencies in the music industry.
“They have successfully expanded their international footprint and there is opportunity to continue doing so at pace.”
Launched in 2006, Sentric sub-publishing service represents more than 100,000 songs including a share of the best-selling single of 2016, One Dance by Drake.
As a platform for emerging and established acts, artists registered with Sentric’s 28-day publishing contract include BBC Sound of 2017’s tip Cabbage, double MOBO winning Shakka and the new release from indie stalwarts Bloc Party.
The service was utilised by household names such as Bastille, Blossoms and Catfish & The Bottlemen on the journeys from their first ever songs to chart-topping albums.
[Pictured: Sentric’s Chris Meehan and Peter McCamley with Defenders Ent’s Corey Johnson following the Sentric/Defenders Ent deal earlier this year, which delivered Sentric involvement with a slice of Drake’s One Dance copyright.]Music Business Worldwide