The Seed Enterprise Investment Scheme (SEIS) is hitting the right note for musician Annie Eve.
Annie’s new album Sunday ’91 is funded by cash from the Sound Wave SEIS to the tune of £150,000.
She spent the cash on setting up her own record label Mouth To Mouth under a distribution deal with Sony Red.
Some of the money and an advance then paid for a recording studio and producer for the album.
Out on release now, investors and fans can access an exclusive video and listen to album tracks on music web site Drowned In Sound
Annie struck a deal with Sound Wave that nets her 80% of the album sales until her advance is repaid – which is projected for 2017. After that she pockets the profits.
Eve told specialist investment web site SEIS.co.uk: “Making music is expensive if you are determined to find the right studio and employ a good producer. This funding will let me do that without infringing on my artistic freedom. What’s more, everyone benefits if the album makes good sales.”
Crowdfund world record
Crowdfunding platform Crowdcube set a new world record by funding a £1.2 million pitch for cash in just 16 minutes – and all the cash raised will go towards expanding the platform in the UK and Europe.
The cash from 141 investors was the icing on the cake for Crowdcube, which announced a £3.8 million venture capital stake had been won from Balderton Capital.
Darren Westlake, Crowdcube CEO and co-founder told SEIS.co.uk: “We’re obviously delighted with the response. To pick up £5 million of funding from venture capitalists and investors in under a week is great news for us and shows what funders think about the market we are in.”
Take your pick
A hybrid Enterprise Investment Scheme (EIS) and SEIS technology fund has been put together by industry specialists Mercia Fund Management.
To invest via intermediaries, takers will need a minimum £25,000 and can choose whether to invest as an EIS or SEIS – and take the tax breaks accordingly.
Crowdfunding success
Despite the ongoing success of Britain’s crowdfunding platforms, one stands out as the fastest growing among the rest, says industry specialist Knowledge Peers.
A review of the sector revealed SyndicateRoom is running hotter than other crowdfunders by increasing equity investments by 200% compared to a market average of 95%.
On top of that, the platform has seen 90% of pitched deals successfully fully funded in the past six months against a market average of just below a third.
