Martina Topley-Bird to be first artist to benefit.
U.K. independent label Independiente has clinched a multi-million dollar funding from Ingenious Music VCT, the venture-capital fund specializing in A&R and quoted on the London Stock Exchange.
The first Independiente artist to benefit from the new funds will be Mercury-nominated British singer, songwriter and producer Martina Topley-Bird. Her second album is scheduled for release early next year.
"Quixotic," Topley-Bird's first album, was nominated for the Mercury Music Prize in 2003.
The new album will be produced by Dangermouse, the producer and DJ who is one half of the Gnarls Barkley duo, which had the groundbreaking digital-only hit single "Crazy" (Downtown/Atlantic).
Dangermouse became controversial for remixing The Beatles’ White Album with Jay-Z’s Black Album to create The Grey Album, and has been Grammy-nominated for "Demon Days" (Parlophone) by The Gorillaz.
Ingenious’ more than £26 million ($49 million) fund, which was completed in March, follows the £15 million ($28 million) raised in 2005. The venture allows up to £2 million ($3.74 million) for each Independiente act or artist supported.