Abbey Road Studios, where Pink Floyd, Amy Winehouse, Adele and, of course, The Beatles, have recorded, is ushering in tech entrepreneurs with its Abbey Road Red program.
Of the 19 businesses that have been enrolled on the incubator so far, two have folded while 17 have raised over $80 million among them. Collectively, the 17 companies are valued at more than $325 million based on their investment rounds, says Abbey Road Studios.
Like other tech incubators, Abbey Road Red provides early-stage companies with access to the studio’s experts and facilities, including mentorship advice around business development, brand partnerships, securing finance and commercial strategy. It also enables start-ups totap into UMG’s global network and consult with senior management and label execs, as well as with other major and independent labels and publishers.
Neither UMG nor Abbey Road Studios gives start-ups any capital investment as part of the incubation process, although Garvey says it is an idea under consideration to grow the division.
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