Sentric Music hits right note for BGF following £3m investment
BGF has backed Liverpool-based Sentric Music to the tune of £3m to help accelerate the publisher’s international expansion plans, as well as forming a strategic partnership to fund future acquisitions.
An independent company with up to £2.5bn in capital for long-term equity investments, BGF is backed by five of the UK’s main banking groups – Barclays, HSBC, Lloyds, RBS and Standard Chartered.
Sentric Music works with more than 90,000 songwriters, providing music publishing, licensing opportunities and royalty collection services.
In addition to expanding internationally, Sentric plans to use BGF’s investment to continue to develop its products, services and platform.
Launched in 2006, Sentric has gained a reputation for helping songwriters at all stages of their career gain access to lucrative licensing deals while avoiding the inefficiencies of manual and complex royalty collection processes, which remain widespread in the music industry.
Sentric Music’s sub-publishing service represents more than 100,000 songs including a share of the best-selling single of 2016, One Dance by Drake, and top talent including 2017 Grammy winner Bobby Rush and world renowned electronic duo Stanton Warriors. The service provides publishers and copyright owners with one connection to a worldwide royalty collection network supported by dedicated account teams.
As a platform for emerging and established acts, artists registered with Sentric’s industry pioneering 28-day publishing contract include BBC Sound of 2017’s tip Cabbage, double MOBO winning Shakka and the new release from indie stalwarts Bloc Party.
The service was also utilised by household names such as Bastille, Blossoms and Catfish & The Bottlemen on the journeys from their first ever songs to chart topping albums.
The company employs 40 people across Liverpool, London, Hamburg, Amsterdam, New York and Los Angeles.
Chris Meehan, founder and chief executive, 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.”