Liverpool-based music publisher Sentric Music receive £3m investment, Getintothis Paul Higham has news of plans for international expansion.
Liverpool-based music publisher Sentric Music has received investment of £3m from venture capital firm BGF to accelerate its expansion plans as well as funding new acquisitions.
Taking a minority stake in the business with the existing management team to retain control, BGF‘s initial investment will allow Sentric to expand internationally as well as broadening its existing platform through the development of products and services.
Since its foundation in 2006 Sentric has become home to over 80,000 songwriters at various stages of their career as well as representing hundreds of thousands of songs. Sentric uses its innovative and award winning technology-based platform to maximise royalty collection for its portfolio of artists. In addition it provides licensing and synchronisation opportunities for its artists allowing them to maximise their revenue by matching music with adverts films or TV programmes.
The company has its headquarters in Liverpool but has expanded to include operations in London, Hamburg, Amsterdam and New York and currently employs 40 staff.
As well as representing the biggest selling single of 2016, Drake‘s One Dance, Sentric‘s platform provides access to its worldwide royalty collection network for an array of established talent including Grammy winner Bobby Rush and renowned electronic duo Stanton Warriors.
Sentric also works with emerging artists utilising its pioneering 28-day publishing contract to help the career of Cabbage and Shakka along with the new release from Bloc Party. Closer to home Sentric represents MiC Lowry, She Drew The Gun and The Vryll Society.
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.”
Neil Inskip of BGF said: “Chris and his team have developed a smart and sophisticated technology-based solution for some complex and deeply engrained inefficiencies in the music industry.
“They have successfully expanded their international footprint and there is opportunity to continue doing so at pace.”