VANCOUVER, BC (CelebrityAccess) — Independent record label Nettwerk Music Group announced it is the recipient of a major new investment through a strategic Flexpoint Asset Opportunity Fund II.
Additionally, Nettwerk’s existing financial backers, Beedie Capital and Vistara Growth, also participated in the investment round and will remain shareholders with representation on the company’s board of directors.
While the financial details of the latest funding round were not disclosed, Nettwerk Music Group’s co-founder and CEO Terry McBride said the infusion of capital will fund artist and music catalog acquisitions.
“We’re excited to partner with Flexpoint as we continue to execute on our vision of connecting artists with their fans globally,” says Terry McBride, Chief Executive Officer and co-founder of the Company.
“Nettwerk has been at the forefront of the evolution in the independent music sector building a compelling catalogue of music by offering white-glove services and growth opportunities to independent artists traditionally reserved for superstars,” says Mike Morris, Managing Director of Flexpoint. “We believe Terry and the team are well positioned to prosper in the rapidly evolving music industry and are excited to help the team execute their vision.”
The investment in a music industry business is a departure from Flexpoint’s traditional portfolio, which has previously focused on the financial services and healthcare industries. The investment firm has approximately $7.8 billion of assets currently under management.
Artisan served as buyside financial advisor and Latham & Watkins and Bennett Jones served as legal counsel to Flexpoint. Cooley and Morgan Daniels Slager served as legal counsel to Nettwerk.
