British venture capital trust firm Ingenious is backing alternative rock band Blackbud's second album to the tune of £1.1 million ($2.17 million).

This is the sixth joint venture Ingenious has undertaken with the London-based Independiente label through the two music VCTs it controls. Its most recent foray was to back Travis's fifth album "The Boy With No Name" (Billboard, May 19 2007), which entered the Official U.K. Charts at No.4 in May.

Each VCT-funded project is set up as a joint venture with Ingenious, with recoups its investment via profit-sharing on all label revenues connected with the record. Funding goes to recording and marketing each album.

West England trio Blackbud released its debut album "From The Sky" on Independiente in July 2006. No release date is yet confirmed for the sophomore set.

According to Ingenious commercial director Duncan Reid, "We have developed an important commercial relationship with Independiente. The [Blackbud] deal reinforces Ingenious's commitment to help develop the careers of upcoming musical talent through a number of joint ventures with leading record labels and so, across a portfolio of deals, provide returns to investors."