Led by Matt Pincus, MUSIC has announced it has made a “significant minority investment” in Atlanta-based music company LVRN (Love Renaissance).
bloomberg It reports that LVRN has raised “more than $25 million” from Pincus.
The investment, at a company valuation of more than $100 million, will provide growth capital for LVRN to build capabilities in its existing operations and “unlock opportunities for strategic expansion,” according to a press release.
MUSIC co-founder and CEO Matt Pincus will join the company’s board of directors, chaired by LVRN president Tunde Balogun.
LVRN is expected to use the new capital to expand its employee benefits and programs and continue its expansion around the world, with a focus on the UK and West Africa.
Founded in 2012 by five partners Junia Abaidoo, Justice Baiden, Tunde Balogun, Sean Famoso McNichol and Carlon Ramong, LVRN has worked with artists such as Summer Walker and 6lack. In his decade in business, the LVRN artist has generated her over 30 billion streams, 21 million album sales and 175 million single sales.
Elsewhere, expanding its headquarters to Atlanta, LVRN said it is building a “state-of-the-art facility” by purchasing a building in the Castlebury Hill neighborhood.
The company also established an outpost in Silver Lake, Los Angeles. LVRN entered into a publishing partnership with Warner His Chapel early last year, and separately launched his LVRN radio show on SiriusXM. The show airs weekly and focuses on emerging R&B and hip-hop stars.
The five partners also invited industry veteran Amber Grimes to LVRN last year as EVP/GM and partner in managing the company.
LVRN Records will continue to release through the company’s relationship with Interscope Geffen A&M Records and Universal Music Group.
“Junior, Justice, Tandé, Sean and Carlon are among the best executives in the music industry, along with Amber Grimes and the rest of the LVRN team.”
“At MUSIC, we invest in people first,” said Pincus.
“Junior, Justice, Tandé, Sean and Carlon are among the best executives in the music industry, along with Amber Grimes and the rest of the LVRN team.
“At a time when indies are playing an increasingly important role in breaking new artists, they have built a major platform and culture. I am grateful for the opportunity to travel with them.”
“Matt is more than just an investor, he is an entrepreneur at heart. Prior to founding MUSIC, he built his own independent music publishing company, SONGS, into one of the most successful and respected businesses in our business. I made it up to.”
Tsundere Balogun, LVRN
LVRN President Tunde Balogun added: Prior to founding MUSIC, he built his own independent music publishing company, SONGS, into one of his most successful and respected businesses in our business.
“His hard-earned expertise makes him an invaluable resource for LVRN and we are very fortunate to have him play a role in our continued expansion. We can continue to expand to support local black businesses.”
New York-based Matt Pincus founded SONGS Music Publishing, which was sold to Kobalt Capital in 2017 for approximately $160 million.
After leaving SONGS, Pincus partnered with Liontree to quietly launch an investment firm focused on the music business.
Since 2019, its venture MUSIC has invested in companies such as music production platform Splice, music financial services company HIFI, and ticket sales platform DICE. (Pincus is now a member of the Splice and he HIFI board of directors.)
Last May, MUSIC raised $200 million in “initial” capital and officially relaunched as a partnership with Pincus and Liontree, plus two new investors (JS Capital Management and Schusterman Family Investments).global music business