VCT News
ProVen VCTs Invest In Harmony Media Group
10 July 2007 - London - Beringea Ltd, manager of the ProVen VCTs, is the lead investor in a £2.2m investment round in Harmony Media Group. Harmony Media Group is the newly formed parent company of Filmnight Digital and Saffron Digital. The company has a clear strategy of developing market-leading digital products and services across mobile and online platforms.
Filmnight Digital is the leading provider of digital film publishing solutions with a growing client list including Vodafone, T-Mobile, Trinity Mirror and EMAP.
Over the last four years Filmnight Digital has forged commercial relationships with international film studios to provide clients with a ‘one-stop-shop’ for film-related content and services. Filmnight's various sites attract over 1 million unique visitors per month.
Saffron Digital has developed a converged content delivery platform that enables content owners, brand owners and mobile operators to deliver a rich experience for their consumers across mobile and web.
The state-of-the art platform includes market-leading video services, such as a video-on-demand solutions, allowing consumers to access video files via mobile and online portals. Current clients include Disney Mobile, IPC media, Zone Media, T-Mobile, O2 and Vodafone.
Jamie Kennell, who led the investment on behalf of Beringea and the ProVen VCTs commented:
“Harmony Media has an established position with both the content owners and network operators in what is an emerging and rapidly growing market. The combination of an excellent management team, strong business model and key strategic alliances mean that the business is well positioned to grow significantly over the next few years. We are particularly pleased to invest in a company with a market-proven technology base. Their product is bespoke but flexible - they can react to and accommodate the continually changing methods of content delivery. From an investment standpoint, finding companies at the forefront of such changes is imperative.”
Shashi Fernando, CEO of HMG commented:
“This round of funding will allow Harmony Media Group to continue to develop innovative technical solutions which keep us and our clients at the forefront of content delivery in the digital marketplace.
We believe our continued commitment to innovation will help us strengthen our existing relationships with market leading businesses and forge new relationships in the future.”
About edel music AG
edel music AG, the European entertainment and full-service provider based in Hamburg, is present in nine countries in Europe with a workforce of 750. The production of data carriers and print products, sales to the media and book trade, the latest materials management systems and digital content marketing via Internet and mobile communications networks make the edel Group the leading international provider among independent entertainment companies. Its own production plant and logistics center, optimal media production in Röbel/Müritz, with some 500 employees, numbers among the most modern CD/DVD plants in Europe. The edel motion division markets DVDs with film, TV and entertainment productions. In the field of children’s entertainment the edelkids brand is one of the largest providers in Germany. With international stars such as Chris Rea, Chris de Burgh and Deep Purple, edel also remains one of the largest independent music companies in Europe. The company also shows a high level of expertise in classical music with its "Berlin Classics" label, comprising more than 1,200 productions. The earBOOKS, a combination of books and subject-related music CDs, are a successful innovation for the book and recording market. edel entered the book business at the beginning of 2007 with the purchase of the prestigious Moewig publishing house. This constellation – providing professional services for the entertainment industry and the exploitation of its own content – gives the company a clear USP in the European market.
About Harmony Media Group
Harmony Media Group is the parent company of Filmnight Digital and Saffron Digital. The company has a clear strategy of developing market leading digital products and services across mobile and online.
Filmnight Digital is a leading provider of digital film publishing solutions with a growing client list including Vodafone, T-Mobile, Trinity Mirror and EMAP.
Saffron Digital provides content owners, brand owners and mobile operators with converged digital solutions through its state of the art content delivery platform.
The Saffron Digital platform includes market leading video services, such as a video on demand solution allowing consumers to access their video files via mobile and online platforms.
About Beringea
Beringea is an international venture capital firm with offices in London and Detroit. In the UK Beringea manages ProVen VCT, ProVen Health VCT, ProVen Growth & Income VCT and Global Rights Fund II. Beringea launched its first VCT in 1996, making it one of the most experienced VCT managers in the UK. ProVen Growth & Income and ProVen VCT are highest performing VCTs of their launch years, respectively, according to www.taxefficientreview.com. For more information please visit www.provenvcts.co.uk.