London – Independent U.K. record label Cooking Vinyl has announced a partnership with venture capital fund Icebreaker, which will allow investors to back artists signed to the label and its Essential Music & Marketing unit, Music Ally reported.
The label previous collaborated with Icebreaker on funding for the release of a new album from Marilyn Manson. Cooking Vinyl expects to sign several artists over the next year with backing from the fund, expected to total around $16 million.
“This is the first time to my knowledge that Venture Capital has teamed with a record label in such a significant way,” said Icebreaker founder and managing director Martin Goldschmidt.
“We’re excited that Icebreaker have recognised the experience and professionalism that Cooking Vinyl bring to the equation. Between us we have the skills and financial leverage to maximise the chances of a project’s success.”