The funding is a joint venture between the VCTs and established label Cooking Vinyl.

With a further six deals in the final stages of negotiation, Ingenious Music VCT is now approaching full commitment, just 18 months after the close of fundraising, while the second fund, Ingenious Music VCT 2, has less than £10 million of its original funding left to commit.

Formed in 1986, Cooking Vinyl has worked with artists such as Billy Bragg, Frank Black and Echo and the Bunnymen.

Duncan Reid, commercial director of Ingenious, says the deal ‘reinforces our commitment to backing some of the most creative talent in the industry’.