UK online EDM fan magazine Electronic Sound has landed £175,000 ($293387.50 USD) in funding thanks to UK Trade and Investment (UKTI) initiative that introduces digital media startups to potential investors. Low Carbon Innovation Fund operated by the Adapt Group at UEA and a private investment firm led the round.
"As music journalists we are essentially creative people, not entrepreneurs so the course really helped us gain valuable business skills. It was fascinating - in particular learning about the nature of investment, how it works and all about tax breaks,” Electronic Sound co-founder Mark Wernham told Business Weekly.
The funding will be used to step up marketing and to expand internationally. “We’re planning to capitalise on the US market and other English-speaking territories as well as expand into the Netherlands, Scandinavia and Germany,” says Wernham.