Venture capital firm BGF has ploughed £3 million into publishing company Sentric Music to help expand its international expansion plans.
BGF, an independent company with up to £2.5 billion in capital for long-term equity investments, BGF is backed by five of the UK’s biggest banking groups – Barclay’s, HSBC, Lloyds, RBS and Standard Chartered.
In addition to its global expansion ambitions, Sentric plans to use BGF’s investment to continue to develop its products, services and platform.
Chris Meehan, founder and CEO, Sentric commented: “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, 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.”
Launched in 2006, Sentric Music's sub-publishing service represents more than 100,000 songs including a share of the best-selling single of 2016, One Dance by Drake. The service aims to provide publishers and copyright owners with one connection to a global royalty collection network supported by dedicated account teams.