Matt Pincus-led MUSIC has made what it says is a “significant minority investment” in Atlanta-based music company LVRN (Love Renaissance).
Bloomberg reports that LVRN has raised ”more than $25 million” from Pincus.
According to a press release, the investment – which values the company at over $100 million – will provide growth capital for LVRN to build capacity in its existing businesses as well as “unlock strategic expansion opportunities”.
Matt Pincus, co-founder and CEO of MUSIC, will join the company’s Board of Directors which is chaired by LVRN President, Tunde Balogun.
LVRN is expected to use the new capital to expand benefits and programs for its employees and continue to expand around the world, with a key focus in the U.K. and West Africa.
Founded by five partners in 2012, Junia Abaidoo, Justice Baiden, Tunde Balogun, Sean Famoso McNichol and Carlon Ramong, LVRN has worked with artists such as Summer Walker, 6lack and others. \In its decade in business, LVRN artists have generated more than 30 billion streams, 21 million album sales and 175 million single sales.
Elsewhere, expanding its headquarters in Atlanta, LVRN bought a building in the Castleberry Hill neighborhood and says that is building out “state-of-the-art facilities”.
The company also established an outpost in Silverlake in Los Angeles. LVRN entered into a publishing partnership with Warner Chappell early last year and separately, started an LVRN radio show on SiriusXM which airs weekly and focuses on up-and-coming R&B and hip hop stars.
The five partners also invited industry veteran Amber Grimes into the LVRN fold last year as EVP/GM and a partner in the company’s management operation.
LVRN Records will continue to be released through the company’s relationship with Interscope Geffen A&M Records and Universal Music Group.
“Junia, Justice, Tunde, Sean, and Carlon – along with Amber Grimes and the rest of the LVRN team, are among the finest executives in the music business.”
Matt Pincus
“At MUSIC, we invest with a people first mindset,” said Pincus.
He added: “Junia, Justice, Tunde, Sean, and Carlon – along with Amber Grimes and the rest of the LVRN team, are among the finest executives in the music business.
“They have built a leading platform and culture at a time when independents are going to play an increasingly crucial role in breaking new artists. LVRN has limitless potential here in the US, and around the world. We are grateful for the opportunity to go on their journey with them.”
“Matt is not simply an investor, but an entrepreneur through and through. Before founding MUSIC, he built his own independent music publishing company SONGS into one of the most successful and respected operations in our business.”
Tunde Balogun, LVRN
Tunde Balogun, President of LVRN added: “Matt is not simply an investor, but an entrepreneur through and through. Before founding MUSIC, he built his own independent music publishing company SONGS into one of the most successful and respected operations in our business.
“His hard-earned expertise make him a very valuable resource for LVRN and we are so fortunate to have him play a role in our continued expansion. This infusion of capital will empower us to continue to expand our operations globally and support local Black-founded businesses as we do so.”
New York-based Matt Pincus founded SONGS Music Publishing, which ended up selling to Kobalt Capital for around $160 million in 2017.
After exiting SONGS, Pincus quietly launched an investment house focused on the music business, in partnership with Liontree.
Since 2019, that venture – MUSIC – has made investments in firms such as music-making platform Splice, music financial services company HIFI, the ticketing platform DICE, and others. (Pincus is currently a member of the board of directors of Splice and HIFI.)
In May last year, MUSIC raised $200 million in “initial” capital as it officially re-launches as a partnership between Pincus and Liontree, plus two new investors – JS Capital Management and Schusterman Family Investments.Music Business Worldwide
