ATLANTA (CelebrityAccess) — MUSIC, the music industry investment company, announced it has taken a significant minority stake in Atlanta-based music company LVRN (Love Renaissance).
LVRN will use the proceeds of the investment to build capacity in its existing businesses and finance potential strategic expansions.
As a part of the deal, Matt Pincus, co-founder and CEO of MUSIC, will join LVRN’s board of directors, which is currently chaired by founding partner and company President, Tunde Balogun.
LVRN is currently working to expand their new headquarters in the Castleberry Hill neighborhood of Atlanta and have launched an office in Los Angeles. The company is also eyeing international expansion plans, with a focus on the U.K. and Africa, the companies said.
RN entered into a publishing partnership with Warner Chappell early last year and partnered with SiriusXM to deliver a weekly radio show that focuses on up-and-coming R&B and hip hop stars.
Founded in 2012 by five partners, Junia Abaidoo, Justice Baiden, Tunde Balogun, Sean Famoso McNichol and Carlon Ramong, LVRN has since played a role in the careers of 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.
LVRN Records will continue to be released through the company’s relationship with Interscope Geffen A&M Records and Universal Music Group.