Universal Music Group is launching a new seed-stage startup investment fund called WMG Boost with an agenda featuring AI, blockchain, virtual reality, mobile games and voice technology - among other things.
Chief digital officer Ole Obermann explained:
This fund enables us to support thoughtful entrepreneurs, learn more about emerging business models, and invest in the creation of more opportunities for artists. The fund will invest up to $1m at a time in startups, from pre-revenue stage through to Series A rounds, although it hasn’t published its expectations on equity stakes. There’s a warning note on the WMG Boost submission page though: the label “assumes no obligations to protect or maintain as confidential the content of any submission or conversations with WMG… In making any submission, you acknowledge and agree that WMG may develop products or services, or have products or services developed for WMG (or our affiliates), that are similar to or compete with products or services described by you.
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