London based music investment company Ingenious yesterday announced that two of its 'venture capital trusts' had made a joint investment of £2 million into the upcoming fifth studio album release by The Prodigy.
As previously reported, Liam Howlett et al recently announced that they would release their new album via a partnership with independent Cooking Vinyl, ending a previous record label relationship with Beggars Group imprint XL Recordings. The Ingenious deal will see the creation of a new JV company between Cooking Vinyl and the investors which will focus exclusively on The Prodigy release.
The latest investment means the first of the Ingenious managed VCTs is now almost fully committed, while the second has less than £10 million left to invest. Meanwhile, Ingenious are currently raising funds for the previously reported third investment fund which will invest primarily into live music ventures.