Entertainment industry investment fund Edge Performance VCT is to back former Mama Group co-chief executive Adam Driscoll in a new venture, Granon Entertainment.

Granon Entertainment will operate in music and related businesses, although there are no further details of its area of business. Driscoll is also investing his own funds in the venture.

"Adam Driscoll is a first-rate entrepreneur with a great track record and we are delighted that he has turned to Edge for this new venture," said Edge Group founder David Glick in a statement.

Driscoll left Mama Group - which operates venues and has an artist management arm - in March following its takeover by U.K. entertainment retailer HMV.