The two music venture capital trusts (VCTs) of London-based Ingenious have made a joint investment of £2 million ($3.8 million) to support the release of The Prodigy's fifth album. The investment has been made through the formation of a joint venture company between the VCTs and British independent label Cooking Vinyl.

As previously reported, the "electro-punk" trio has launched a label, Ragged Flag, which will handle the album release, and projects from any subsequent signings. Ragged Flag is backed by U.K. indie Cooking Vinyl.

The deal follows joint investments in Peter Garbriel's fifth solo album, Travis' forthcoming fifth album, and the debut albums by singer/songwriter Indiana Gregg, and bands Passenger and Apartment. With a further six deals nearing completion, Ingenious Music plc is now approaching full commitment. The second fund, Ingenious Music VCT 2 plc, has less than £10 million ($19.4 million) of its original funding left to assign.

Duncan Reid, commercial director of Ingenious, commented: "I am delighted to announce this deal with Prodigy, an act which enjoys worldwide renown for their innovation and cutting edge talent. It reinforces our commitment to backing some of the most creative talent in the industry and we look forward to working with Cooking Vinyl in the future."

Ingenious' latest VCT, Ingenious Live, is seeking to raise £50 million ($97 million) to invest in the live events sector. The companies in which the funds will be invested will produce and promote events such as concerts, festivals, exhibitions, theatrical shows, conferences, trade fairs or sporting events.

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