Hipgnosis Songs has raised a further £141.5 million from investors, far exceeding its original £100m target.
The music copyrights investment company listed on the London Stock Exchange last summer after raising £200m for its IPO. It has recently embarked on an acquisition spree, purchasing Teddy Geiger's copyright interest in six songs written for Shawn Mendes having already snapped up three catalogues back in March.
Merck Mercuriadis (pictured), founder of The Family (Music) Limited and Hipgnosis Songs Fund Limited, said: “Less than a year ago we set out to demonstrate to the financial community that proven hit songs were as predictable and reliable, and therefore as investable as gold or oil.
"Having raised over £140 million today and almost £350m since the IPO, I am delighted that we have this tremendous early support from best in class investors as this is not only a vote of confidence in Hipgnosis, it’s an acknowledgement of the power of hit songs all over the world."
New ordinary shares are now to be issued to investors, representing 40.7% of the company's enlarged issued ordinary share capital.
"Thanks to streaming, the music industry, once again, has its best days in front of it," added Mercuriadis. "Our aim is to highlight the fact that great songs, and their creators, are its most valuable currency while delivering a great return for our investors.”
Thanks to streaming, the music industry once again has its best days in front of it
Mercuriadis currently manages Nile Rodgers and has previously represented artists such as Elton John, Morrissey and Guns N'Roses.