Thursday, June 5, 2014

Electronic Sound Raises $300K For EDM Magazine

Bruce Houghton/Hypebot

UK online EDM fan magazine Electronic Sound has landed £175,000 ($293,387.50 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.

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