European venture firm Balderton Capital has invested $16 million in Kobalt Music Group. As part of the deal, the firm now holds a minority stake in the publishing company, and Balderton Capital partner Tim Bunting joins the Kobalt executive board.
“This new capital injection will bolster our plans to further expand internationally, as well as help fund sizeable pipeline advances and the roll out of new services for music rights holders,” says Kobalt founder/CEO Willard Ahdritz.
According to the Balderton Web site, the firm’s investments range in size from $100,000 to $50 million. “Typically we provide an initial amount, then expect to invest further over the life of a company. We invest for the long haul, not ‘quick flips,’ and look for entrepreneurs with a similar perspective,” the firm states on its site.
Before joining the London-based Balderton in 2007, Bunting was with Goldman Sachs for 18 years. His roles included serving as vice chairman of Goldman Sachs international (2005-2006) and as global head of equity capital markets (2002-2005).
Balderton Capital joins SPARK Ventures as a key institutional investor in Kobalt.