UK-based enterprise capital agency Edge Investments has closed a increase of GBP £85 million (approx USD $113m) for a brand new enterprise fund.
The Edge Create The Future fund is concentrating on a ultimate shut of £100 million ($133m).
Edge, led by long-time music trade entrepreneur and lawyer, David Glick, says the brand new fund will goal investments in sectors “such as edtech, virtual / augmented reality, adtech, content creation and distribution”.
Don’t be stunned if a few of this money comes the way in which of music or music-related corporations: Edge’s investments up to now have included the likes of ticket and journey reserving app Festicket, through which Edge invested $4.6 million in 2019.
Edge says the brand new fund will primarily put money into early-stage companies, writing preliminary cheques of between GBP £1 million and £5 million apiece.
Some £50 million of the preliminary £85 million raised by the Create The Future fund has come from the British Business Bank’ Enterprise Capital Funds programme.
Others who’ve invested undisclosed quantities into the £85 million pool embrace SJM Concerts boss, Simon Moran, in addition to musician Gavin Rossdale.
Further investments throughout the £85 million spherical have come from the likes of Tim Steiner, Founder of Ocado plc; “Paw Patrol” and “Bob the Builder” creator Keith Chapman; former Airbnb Head of Creative James Goode; Google/YouTube International Head of Kids, Family & Education Greg Dray; Snap France co-founder Emmanuel Durand; former BILD Editor-in-Chief Tanit Koch; eLearning specialist Andrew Brode; and ITV chairman Sir Peter Bazalgette.
Edge’s funding workforce is led by Simon Andrews. Fundraising was led by David Fisher.
Commenting on the launch of Create the Future, David Glick, CEO, Edge Investments stated: “Creativity, art, education and culture, enrich and improve the quality of all our lives through their consumption and enjoyment, and through the technological advancements they inspire.
“If you don’t have social mobility, you don’t have civilisation. The creative economy is a great jobs engine, it rewards talent, grit and determination as much as academic brilliance. Edge’s role is important in providing a bridge between the creative economy – which suffers from a lack of access to finance – and private capital markets, in making a positive contribution to the overall wellbeing of society and in empowering social mobility.”
“Edge’s role is important in providing a bridge between the creative economy – which suffers from a lack of access to finance – and private capital markets, in making a positive contribution to the overall wellbeing of society and in empowering social mobility.”
David Glick, Edge Investments
Simon Andrews, Chief Investment Officer, Edge Investments stated: “The creative economy is one of the fastest growing economic sectors, yet deep expertise in investing in creative businesses is lacking, and the conventional tools of venture capital fail to appreciate their true value.
“The Edge team has decades of experience as investors, advisors and operators in the creative economy that allows us to identify the most exciting companies in the sector and help them to deliver on their growth potential.”
Ken Cooper, Managing Director, Venture Solutions, British Business Bank stated: “The Bank’s Enterprise Capital Funds programme is key in helping to develop and maintain an effective venture capital provision in the UK, lowering the barriers to entry for emerging fund managers and for those targeting less well-served areas of the market.
“By continuing our support of Edge and their second fund, we are helping to unlock successful financing and support of early stage, high-potential businesses operating in the creative economy.”
Edge launched its first fund in 2016.
Its portfolio contains: social content material producer Jungle Creations, audio promoting personalisation firm A Million Ads, on-line video information neighborhood and market Newsflare, and international esports community BLAST.Music Business Worldwide