The fund behind the Creamfields dance festival and the UK’s first outdoor camping jazz festival has closed a deal with Liverpool Sound City, a three-day international music, media and technology conference and live arts and music festival.
Ingenious’ Entertainment VCTs’ has backed the Sound City brand, with the investment to be used to expand in the UK and Ireland, as well as abroad.
Ingenious exited its investment in the Creamfields festival in December 2011, netting a combined total of £2.8 million across two VCTs.
Paul Bedford, investment director at Ingenious, comments, ‘The events they develop have a relevance that too many others lack in this day and age.
‘The success of the first New York Sound City also shows that this relevance is not just limited to the UK and we truly believe that Sound City can develop a worldwide brand over the next few years,’
The 2011 Liverpool Sound City event attracted 27,000 delegates and attendees and featured 450 bands from 23 different countries.
David Pichilingi, CEO of Sound City, says the deal represents a ‘strategic alliance’ with Ingenious.
He adds, ‘Paul and his team share our vision and we will work closely together to develop the Sound City brand in overseas territories as well as strengthen our UK position.’
For Ingenious’ Entertainment VCTs, its other investments in the music and exhibition space include the 80s music event Rewind Festival and the Taste of Christmas food show.