This past week looked a little different for Atlanta’s venture raises.
Local companies raised north of $25 million across two deals between Jan. 27 and Feb. 3, an uptick from last week’s $8 million and $20 million the week before. But instead of going into technology startups, this week’s deals went to record labels.
Recording and management company Love Renaissance, which is planning to expand into African and European markets, and 5015 Records LLC were the recipients.
Georgia companies raised around half in 2022 of what they got the prior year. Mainly, this is a consequence of investors changing their focus from growth to profitability. Layoffs from tech companies have also occurred the past half-year to cut costs amid this market shift.
Here are the venture deals you might've missed this week:
- Love Renaissance raised more than $25 million at a $100 million valuation as it seeks to expand into international markets, Bloomberg reported Tuesday. That capital came from investor Matt Pincus, a prominent investor in the music industry who sold his business, Songs Music Publishing, in 2017 for $160 million. LVRN is a record label founded in 2012 by company president Tunde Balogun along with four other Georgia State University students. Portfolio artists include DRAM, whose song Broccoli was No. 5 on Billboard Hot 100 in 2016, and 6lack, whose debut album went platinum in the U.S.
- Record label 5015 Records LLC raised $30,000 from one investor, according to a filing with the U.S. Securities and Exchange Commission. The label started in 2021 by brothers and professional musicians Rod Harris Jr. and Dr. Maurice Lajuane Harris, according to its website. Its portfolio includes Ionne, who has written music for Guiding Light, Another World, As the World Turns, and Making the Video on MTV.
