Live entertainment venture capitalist Edge Performance has paid close to œ1 million to get half of a promoting company that was only set up six months ago.
Martha And George Productions Ltd., a company started by experienced record company exec Chris Black that has registered offices at Kett House in Cambridge, will use the money to co-promote shows with Simon Moran’s SJM Concerts, one of the promoters to invest in the Edge scheme. SJM also has an undisclosed shareholding in the new company. The investment is the fund’s first since raising œ6.25 million in April, although Edge hopes to raise a further œ30 million and announce more acquisitions in the coming months. "We are very pleased to announce the first of what we believe are a range of quality investments. Edge gives the ordinary investor access to this fast growing sector of the music business for the first time," said Harvey Goldsmith, a member the venture capitalist’s investment team. "We have been talking to a number of parties since raising the funds and are now in a position to start announcing details of the investments we expect to make in the near future," he added. Edge founder David Glick said taking a share in Martha And George demonstrates that the fund has the capability to find first-class investments and to allow their stakeholders to benefit from its relationships with leading promoters such as SJM and AEG. Black, who is a former managing director of EMI Records, also has record company experience with Island and Warner. Another investment company set up by a former adviser to Robbie Williams is also hoping to persuade punters to stump up œ50 million to take advantage of the U.K.’s live music boom, according to a recent report in The Times. Ingenious Media, the specialist investment group founded by Patrick McKenna, is floating two venture capital trusts on the Alternative Investment Market, each dedicated to finding investment opportunities in live entertainment.