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Business News Live Business Management & Funding
Edge announce another fundraising round
By CMU Editorial | Published on Tuesday 16 December 2008
Live music investment fund Edge Performance has announced another round of fundraising. The firm is looking to raise £10 million through a so called ‘E Share issue’, which I’d explain to you if I had any idea what that meant.
Edge Director Alasdair George told reporters: “The live music and events sector continues to attract strong demand with world class individual performers and groups selling out within minutes of tickets becoming available. As the industry leader we anticipate good deal flow and that we will continue to have a pick of first class investment opportunities. Since the establishment of Edge our performance has outstripped those targets set out by the Board by some considerable margin”.
Addressing the issue of the recession and its possible impact on Edge’s investments, the fund’s founder David Glick added: “No sector is recession-proof, but we believe the impact of the current downturn on live music will be a flight to value. Acts who set ticket prices at the appropriate level will continue to do well. We believe our market-leading position as an investor, our unrivalled team of executive talent and our established relationships with market-leading promoters will stand us in good stead”.
Among the artists Edge has invested in during the last year are Bon Jovi, Primal Scream and Kanye West, while Edge is also an investor in Damon Albarn and Jamie Hewlett’s ‘Monkey – Journey to the West’ stage show which is currently running at London’s O2.
