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Tuesday, November 30, 2021

UK-based Edge Investments raises $ 113 million for a fund backed by Simon Moran and Gavin Rossdale

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UK-based venture capital firm Edge Investments has closed an increase of £ 85 million (approximately $ 113 million) for a new venture fund.

The Edge Create The Future fund is targeting a final closing of £ 100 million ($ 133 million).

Edge, led by longtime music industry attorney and entrepreneur David Glick, says the new fund will focus on investments in sectors “such as edtech, virtual / augmented reality, adtech, content creation and distribution.”

Don’t be surprised if some of this money comes from music or music-related companies – Edge’s investments to date have included companies such as Festicket travel and ticket booking app, in which Edge invested $ 4.6 million in 2019.

Edge says the new fund will invest primarily in early stage businesses, issuing initial checks of between GBP £ 1 million and £ 5 million each.

Approximately £ 50 million of the initial £ 85 million raised by the Create The Future fund comes from the British Business Bank’s Enterprise Capital Funds program.

Others who have invested undisclosed amounts in the £ 85 million group include SJM Concerts boss Simon Moran as well as musician Gavin Rossdale.

Other investments within the £ 85 million round come from companies such as Tim Steiner, founder of Ocado plc; “Paw Patrol” and “Bob the Builder” creator Keith Chapman; former Airbnb creative director James Goode;

“Edge’s role is important in providing a bridge between the creative economy, which suffers from a lack of access to finance, and private capital markets, making a positive contribution to the overall well-being of society and empowering mobility. Social”.

David Glick, Edge Investments

Simon Andrews, Chief Investment Officer at Edge Investments, said: “The creative economy is one of the fastest growing economic sectors, but there is a lack of experience in investing in creative businesses and conventional venture capital tools do not appreciate its true value. .

“The Edge team has decades of experience as investors, advisors and operators in the creative economy, allowing us to identify the most exciting companies in the industry and help them realize their growth potential.”

Ken Cooper, Managing Director of Venture Solutions, British Business Bank said: “The Bank’s Venture Capital Funds program is key to helping develop and maintain an effective venture capital provision in the UK, lowering barriers to entry for emerging fund managers and those targeting less serviced areas of the market.

“By continuing to support Edge and its second fund, we are helping unlock successful financing and backing for early-stage, high-potential companies operating in the creative economy.”

Edge launched its first fund in 2016.

Its portfolio includes: social content producer Jungle Creations, audio advertising personalization company A Million Ads, online video news community and marketplace Newsflare, and global esports network BLAST.Music business around the world

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