U.K. venture-capital firm Ingenious will invest £1 million ($2 million) through its two Music VCT funds to finance the new album by veteran British reggae band UB40.
Ingenious will work in a joint-venture deal with the act's own independent label Reflex Muzic Limited to produce "TYLER," UB40's 24th U.K. album, which is scheduled for release this November.
The album will be supported by a Live Nation-promoted U.K. arena tour from Nov. 20 at the Brighton Centre to Dec. 21 at the Birmingham-based NEC. Rotterdam's The Ahoy venue will host two concerts in late November.
"Ingenious will support entire costs of the album project and related activities, including tours and merchandise. They provide the risk capital and then share in the proceeds," an Ingenious spokesperson tells Billboard.biz.
The band, which has sold an estimated 70 million-plus albums, is scheduled to play also in Belgium, South Africa, Nigeria, Canada and the United States this year.