Liverpool-based indie publisher Sentric Music secures £3m investment
Independent music publisher Sentric Music has secured seven-figure backing from investment firm Business Growth Fund (BGF).
The Liverpool-headquartered firm will use the £3m funding to accelerate its international expansion plans.
Sentric and BGF have also formed a new strategic partnership to fund the publisher’s future acquisitions.
Founded in 2006, today Sentric provides more than 90k songwriters with music publishing, licensing opportunities and royalty collection services.
Further, the company’s sub-publishing service represents over 100k songs, including a share of R&B artist Drake’s 2016 best-selling single One Dance.
Sentric has also worked with Bastille, Blossoms, Catfish & The Bottlemen and other bands on their journeys to releasing chart-topping albums.
Chris Meehan, the founder and chief exec of 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.”
In addition to expanding globally, Sentric will use the BGF investment to continue developing its products, services and platform.
BGF’s Neil Inskip commented: “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.”
Sentric Music employs a 40-strong workforce across sites in Liverpool, London, Amsterdam, Hamburg, New York and Los Angeles.
Law firm Brabners advised BGF on the investment.
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