VANCOUVER (CelebrityAccess MediaWire) — Terry McBride, founder of Nettwerk Music Group, says that his company has raised a fresh round of equity growth financing and they are on the lookout for projects and new artists to develop.
This latest round equity financing includes investments from HBC Investments, as well as additional investment from current shareholders Beedie Capital as well as Nettwerk’s four founding partners: Terry McBride, Ric Arboit, Dan Fraser and Mark Jowett.
McBride indicated that the company will use the infusion of capital for developing both new and existing artists on their roster, as well expanding music licensing opportunities for their current catalog. In addition, McBride said Nettwerk would continue to be an active acquirer of catalogue music rights.
"Nettwerk for the past few years has been growing at a very good rate," McBride told the Vancouver Sun. "We're having a lot of success right now. Being a better capitalized company allows us to take better opportunities versus having to live off our own cash flow. So this is me seeing that the time is right to do this and grow the company rapidly."
Nettwerk has been having some success of late with new artists on their roster, including chart-toppers fun., Chinese singer/songwriter Wanting Qu, and Australian singer-songwriter Passenger. Other additions to Nettwerk's roster this year include BOY, Savoir Adore, The Paper Kites and The Pack A.D.
Originally founded in 1984, Nettwerk has been involved in the careers of major artists, including Avril Levigne Sarah McLachlan, with whom they partnered in the hugely successful Lilith Fair touring festivals from 1997-99. Nettwerk also played a key role in bringing Coldplay to North America, releasing their first album "Parachutes" domestically in 2000.
However, in recent years, McBride and Nettwerk have seen some setbacks, including the disastrous resurrection of the Lilith Fair in 2010 as well as the departure of long-time management clients Avril Levigne and Sarah McLachlan in 2008 and 2011 respectively.
Still, McBride seemed sanguine about these setbacks, telling the Vancouver Sun that moving away from management duties has opened the door to new opportunities.
"It was the final shift to free up my time, frankly," McBride said. "Would we be having the success we're having with Wanting and Passenger if I'd been locked up as a manager? Probably not." – CelebrityAccess Staff Writers