Virtual reality music startup MelodyVR has raised £ 15million ($ 20million) through its UK-based parent company EVR Holdings.
The majority of the money was generated by EVR by placing a piece of new stock on the London Stock Exchange AIM worth £ 10million ($ 13million).
The remaining £ 5million ($ 7million) was added through the sale of shares to MelodyVR co-founders Anthony Matchett and Steven Hancock.
The company’s app isn’t out of beta yet, but more importantly MelodyVR has signed licensing deals with Warner Music, Sony Music, and Universal Music, in addition to a global deal announced with Roc Nation earlier this year. this month.
The company told its shareholder today that the capital increase “would allow MelodyVR to invest more in its original content library as well as expand the capacity of its live music capture and streaming capabilities. creating digital content in the UK and abroad, expanding resources and infrastructure, increasing global marketing efforts as well as research and development in areas such as post-production and camera technology ”.
Specifically, the company mentioned its intention to “expand its US-centric operations and further develop our capabilities and infrastructure in the country,” in addition to planning software launches in Latin America, Asia and in Australasia faster than it could before.
Anthony Matchett, CEO of EVR, said: “I am delighted to announce the completion of a successful and significant £ 10million fundraiser, highlighting the significant progress EVR has made during the year elapsed.
“As we continue to achieve our goal of building a truly global music and entertainment business, we look to the United States as a fertile environment for our growth which we believe will become a key factor for long-term success. of our company. “
Anthony Matchett, EVR
“Throughout 2017, EVR and its subsidiary MelodyVR continued to achieve their operational goals and milestones, establishing numerous partnerships with key market leaders operating in the music and technology industries, including Universal Music Group. , Sony Music Entertainment, Roc Nation, and Microsoft Corporation, among others. , in addition to existing agreements already in place with Warner Music Group and other music rights holders.
“As our business continues to grow, the Board of Directors strongly believes that the United States is a strategically important market and as part of this fundraiser, I am very pleased to welcome a number of the United States’ most respected funds and institutions on our register of shareholders.
“Having secured key institutional backing from investors across the United States, MelodyVR will continue to expand its United States-centric operations and further develop our capabilities and infrastructure in the country.
“As we continue to achieve our goal of building a truly global music and entertainment business, we look to the United States as a fertile environment for our growth which we believe will become a key factor for long-term success. of our company. I would also like to thank our investors in the UK for their continued support and am happy to welcome the participation of new and existing funds and institutions.
He added: “The capital raised under this placement will be used to further accelerate our expansion and allow MelodyVR to enter new foreign markets more quickly, including territories in Asia, Australasia and America. Latin America, further expanding our market leadership position and generating additional opportunities for content creation and revenue generation around the world.Music trade around the world