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Songtradr resumes Sequence E push (once more)

Look who’s again in fund managers’ slush piles.

Songtradr’s music rights licensing enterprise is at it once more, asking buyers for an additional $US20 million or so in recent funds through Morgan Stanley’s Wealth unit and advisory boutique Bennelong Capital.

Morgan Stanley’s non-public bankers, who took the baton from capital market fits in December, have been framing the newest spherical as a “Sequence E extension”.

They reached out to HNW-types final week after its $33.7 million acquisition of UK’s 7digital Group, providing conferences with CEO Paul Wiltshire. That they had rounded up the unique $US40 million odd (and one other $US6 million) however have been leaving the door open for extra.

Concurrent to MS Wealth’s meets and greets, Bennelong Capital was out with a time period sheet. Its pitch was for $US21 million to $US26 million new fairness at $US371.4 million pre-money valuation. Expressions of curiosity have been due February 24, adopted by an indicative shut at month finish.

It is the primary time Avenue Discuss’s noticed Bennelong within the combine at Songtradr, which has been one thing of a banker magnet. Bennelong’s the sixth adviser, and follows Jarden, Goldman Sachs, Morgan Stanley, Lazard and Black Bamboo.

The official line is Bennelong wasn’t straight engaged by Songtradr and had been introduced in by Black Bamboo final 12 months. The corporate stated official advisers have been Morgan Stanley Wealth, Jarden and Black Bamboo, who had raised $US48 million and had one other $US12 million (lower than the $US20 million odd fund managers have been anticipating this week) to go.

Since March 2022, Songtradr has gone from asking for $US170 million at a couple of $US500 million valuation (which incorporates acquisition spending) to $US67 million odd at $US370 million valuation within the newest slice.

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