Music rights licensing business Songtradr is at it again, asking investors for another $US20 million or so in fresh funds via Morgan Stanley’s Wealth unit and boutique advisory Bennelong Capital.in December, were framing the latest round as a “Series E extension”.
They reached out to HNW-types last week after its $33.7 million acquisition of UK’s 7digital Group, offering meetings with CEO Paul Wiltshire. They had rounded up the original $US40 million odd but were leaving the door open for more. Concurrent to MS Wealth’s meets and greets, Bennelong Capital was out with a term sheet. Its pitch was for $US21 million to $US26 million new equity at $US371.4 million pre-money valuation. Expressions for interest were due February 24, followed by indicative close at month end.
It’s the first time Street Talk’s spotted Bennelong in the mix at Songtradr, which has been something of a banker magnet. Bennelong’s the sixth adviser, and follows Jarden, Goldman Sachs, Morgan Stanley, Lazard and Black Bamboo.