U.K.-based venture capital firm Ingenious is to co-promote two music festivals in London.

Through its Live Venture Capitalist Trusts, Ingenious will invest in the Underage and Field Day music festivals, to be held in Victoria Park, London on Aug. 10 and 11, respectively.

The events will feature the likes of Mercury Music Prize-nominated acts the Young Knives and Bat For Lashes.

The deal, which involves an undisclosed sum, will be a joint investment with promoters Waxarch Limited.

"Underage is a successful club brand providing entertainment to a significant market who are not catered for elsewhere," comments Duncan Reid, commercial director of Ingenious, in a statement.

"As such, it has significant commercial potential in the live entertainment market and we are confident that Field Day will have similar appeal as already indicated by very strong early ticket sales."

Reed added, "we anticipate a long-term relationship with Waxarch to develop the shows and roll them out to other venues."

Ingenious Live VCTs first investment was in the June Knowsley Hall Music Festival in Liverpool, which was headlined by the Who and Keane.

To date, Ingenious says its Live VCTs have raised more than £17 million ($34 million) to invest in the live entertainment market.