Royalties site picks up cheque

LIVERPOOL-based Sentric Music has sold an equity stake in its business to the North West Fund.

The company offers music publishing services or artists and catalogue owners and has an online royalty collection and management platform. It also supports a portfolio of bands by helping to commercialise their music through licensing songs to TV and other media.

Sentric was founded in 2006 by a team including CEO Chris Meehan and non-executive director Andy Davidson. It now acts for more than 12,000 bands, representing more than 65,000 tracks. It will use the funding to invest in its online platform and expand its client management team to support overseas expansion.

The £15m Digital & Creative part of the North West Fund, managed by AXM Capital, has said that its investment in the firm, which is based in Elevator Studios, is its ninth investment to date – five of which have been in Merseyside firms.

Mr Meehan said: “AXM have fully understood our international growth plans, and have made an investment that will allow us to establish ourselves as a leading international music publisher for artists and businesses alike. Aside from the investment itself, we’re really looking forward to working with the AXM team and growing our business.”