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Merck Mercuriadis‘ publicly-traded Hipgnosis Songs Fund Ltd reported a gross revenue decline for its fiscal year ended in March due to one-time charges and a tough year-ago comparison, but said adjusted revenues in 2022 grew on strong growth in streaming revenues and the return of live performances.
Gross revenues for Hipgnosis Songs Fund declined by 11.5% to $177.3 million for the year ending March 2023 compared to the year-ago period, mainly due to two large, non-recurring adjustments related to usage accrual and other factors. Net revenues also declined to $147.2 million from $168.3 million a year ago.
Stripping out those one-time items and taking into consideration a $16.1 million benefit Hipgnosis expects to gain from the CRB III retroactive accrual, the fund’s underlying revenues rose $12.9 million, chief financial officer Chris Helms said during an investor presentation discussing the results.
The fund’s pro-forma annual revenue (PFAR), which reflects revenue earned from royalty statements and strips out impacts from new catalog acquisitions and one-time items — the metric executives say best reflects the fund’s revenue performance — rose by 12.1% to $130.2 million for the year ending December 2022, rising strongly for catalogs aged younger and older than 10 years.
Overall, streaming income rose 14.8% to generate $52.1 million for the fund, while syncronization income rose 24.7% to make up $19.4 million and performance income rose 9% to $30.8 million, all compared to the year ago period. Mechanical income edged 2% lower to 4.9 million, while digital downloads made up $2.5 million and other publishing income comprised $3.9 million of revenues.
The fair value of the fund’s portfolio rose 4% to $2.8 billion, and the operative net asset value broken down by share price rose 3.6% to $1.9153, driven by revenue exceeding the fund’s independent valuer’s forecast.
Nonetheless, Hipgnosis Songs Fund’s operative EPS for the period is negative 7.41 cents, and adjusted earnings per share is 4.12 cents, down nearly 43% compared to the year leading up to March 2022.
Mercuriadis said this was the company’s “best revenue performance since coming to market in 2018,” reflecting the fund’s high-quality catalog and active song management.
“The songs in our portfolio we’ve bought carefully and we’ve bought well,” Mercuriadis said during the investor presentation. “We have a relatively small portfolio with a very high rate of success. We optimize revenues and collect them as efficiently and cost-effectively as we can.”
Mercuriadis pointed to major synch wins Hipgnosis had from four songs Rihanna sang during the SuperBowl Halftime Show, including “Birthday Cake,” “All of the Lights,” and “Umbrella,” which Hipgnosis from its acquisition of rights held by The-Dream, J eff Bhasker and Tricky Stewart. Other major placements included some on The Masked Singer, where Bon Jovi’s Richie Sambora performed Fleetwood Mac’s “Go Your Own Way” and “Brass In Pocket” by The Pretenders.
Billboard and The Financial Times reported on Wednesday that Hipgnosis has selectively shopped around a portfolio of non-core assets, possibly with the aim of raising money to buy back shares and shore up the fund’s stock price.
Mercuriadis declined to comment on whether a portfolio was being shopped or what assets it could contain, saying the fund is exploring its options with shareholders and the board.
The fund’s adjusted operating costs were 21.2% lower for the period to $29.5 million, due to lower advisory fees “as a function of the company’s lower share price during the year,” reduced administration, legal and professional fees, and lower aborted deal costs, the CFO Helms said.
The company also recognized a $43.8 million catalog performance provision or bonus relating to 6 catalogs. The provision will be paid out contingent on performance hurdles being met by the catalogs, Helms said, declining to detail the targets, which were detailed in the acquisition agreements.
Here are the key points from HSF’s disclosure:
Gross revenues declined by 11.5% to 177.3 million for the year ending March 2023 compared to 2022, due to two large, one-off adjustments. Stripping out those two non-recurring costs, underlying revenues rose by 10.9%.
PFAR rose 12.1% to $130.2 million.
Hipgnosis operative net asset value per share rose 3.6% $1.9153
Syncronization revenues rose 24.7% to 19.4 million.
Streaming revenues rose 14.8% to 52.1 million
Performance income increased by 9% to 30.8 million
Industry veterans Chuck Rhodes and Dr. Glenn Toby have co-founded a new business venture, christened The Entertainment Alliance (TEA). Rhodes will serve as CEO and Toby as president of the full-service, multi-genre entertainment company whose main office will be headquartered in Nashville.
In addition to operating an in-house record label with global distribution by Bob Frank Entertainment, exclusively through The Orchard, TEA will house a management company, a publishing company and booking agency along with offering label services that include social media marketing and PR. TEA will also broker select movies, television series, documentaries and subscription video-on-demand (SVOD) products. The new venture’s A&R services are based in New York and there’s a satellite office in Atlanta. Initial artist signings will be announced soon with an inaugural project release slated by the end of this year.
“Our tagline at The Entertainment Alliance is ‘We are equal opportunity dream makers,’” Rhodes tells Billboard. “After 38 years of working in the industry, this is a great opportunity now to step up and be a founder/owner with a partner. I’ve found my soulmate in Dr. Toby when it comes to the business world and music world. We’re chomping at the bit to present something to the business that I don’t think they’ve ever seen before.”
Adds Toby, “Rhodes is the Clive Davis of the South whether it’s country, southern blues or soul and I’ve been involved in pop, R&B and dance. We don’t care about age, race or genre; we’re bringing everybody in. The fuel for this new venture is two music industry veterans that have written, arranged, produced, performed, advised and discovered talent in our more 40 years’ of combined experience. We’ve been behind the curtains for so long that it’s time to come to the forefront.”
Rhodes has spent the last 15 years in partnership with Bob Frank Entertainment where he served as general manager for Bob Frank Distribution and the Audium Nashville label. Getting his start in the music industry as a keyboard player for Ray Charles and Cher, Rhodes later served as program director of adult contemporary KVIL- AM/FM in Dallas-Ft. Worth. A move to Nashville found him segueing into promotion and management at MCA Records and later Giant Records. Rhodes also operates his own production company, On the Rhodes Entertainment. During his career, he has collaborated with a diverse slate of artists including Daryle Singletary, Loretta Lynn, Clay Walker, Kenny Rogers, Charlie Daniels, MC Hammer and the Beach Boys’ Brian Wilson.
Dr. Toby is the founder/CEO of Glenn Toby Enterprises (GTE), an international holding corporation that controls companies in the entertainment, sports, technology and real estate arenas. Total Entertainment Artist Management, Total Entertainment Athlete Management, and Infinite Sports Concepts are companies under the GTE umbrella with offices in New York, Atlanta, Los Angeles and Las Vegas. The roster of artists, actors and athletes that Toby has worked with includes LL Cool J, Swizz Beatz, Damion Hall of Guy, David Banner. Saigon, songwriter Positive K, “Queen of House Music” Barbara Tucker, actor Lance Reddick and Green Bay Packers legend Antonio Freeman. Dr. Toby is also a noted philanthropist who founded The Book Bank Foundation, which promotes literacy.
If Helen Grant, the daughter of late Led Zeppelin manager Peter Grant, is selling a 10% share of the band’s music assets, as reported by Music Week and The Times, she’s in for a very nice payout.
According to that article, Grant owns not only an interest in the band’s record catalog and song publishing catalog but also a 10% share in other rights including trademarks, merchandising and other business ventures. When he died in 1995, Peter Grant, who owned a 20% stake in the band’s music assets, appears to have split that stake evenly between Helen and her brother Warren, leaving each of them a 10% share.
While Led Zeppelin originally signed to Atlantic Records back in 1968, in 1975 the band started its own record label, Swan Song, and began issuing its music under that logo beginning with its fifth album, Physical Graffiti. Like other superstar acts of its day, the band later negotiated to obtain ownership of its entire recorded masters catalog, not just the Swan Song records, according to sources.
It’s unclear if Led Zeppelin still owns the rest of the Swan Song catalog, which includes albums by Bad Company, the Pretty Things and Maggie Bell — and, if it does, whether Helen Grant has a stake in that and is offering it up for sale, too. At the very least, according to the most recent filing containing a list of shareholders for Bad Company Entertainment, the Peter Grant estate has a 20% stake in that company as well. It’s unclear if that interest is a part of any contemplated sale.
The Music Week article reports that Helen Grant has hired Ian Penman of New Media Law to shop her share of the Zeppelin assets. Penmen didn’t respond to an e-mail request seeking to confirm the potential asset sale. Warner Music Group declined to comment, while queries to other possible press representatives for the band went unanswered.
According to a list of shareholders included in the last filing from Superhype Tapes Ltd — one of the dozen or so companies affiliated with the Led Zeppelin principals that have filings in Companies House (the U.K. equivalent of the U.S. SEC) — dated July 30, 2014, Led Zeppelin guitarist Jimmy Page owns 80% of the shares of Led Zeppelin music assets, while Helen and Warren Grant own 10% each. However, in the company’s July 25, 2000, filing, Page and the estate of Peter Grant were each listed as having a 50% stake in the company, while Page and fellow Led Zeppelin members Robert Plant and John Baldwin [aka John Paul Jones], as well as Joan Hudson of the band’s accounting firm, were listed as directors of the company. It’s unclear how or when the percentages changed and if it occurred through a negotiation or an earlier buyout of a portion of the Grant estate’s share in the company.
It’s also unclear which Led Zeppelin assets fall under this company, although its incorporation document, filed in October 1969, states that it was established to manufacture, produce, buy, sell, exploit and deal in gramophone records, tapes, sound recordings and other sound bearing devices and musical instruments, among other possible business lines. On the other hand, as noted, Superhype Tapes appears to be one of about a dozen companies incorporated for Led Zeppelin that have listings in Companies House, although some of those listed companies are dormant. Consequently, it’s unclear which Led Zeppelin music assets fall under the control of Superhype Tapes.
Another Led Zeppelin-affiliated company, United Blag Productions, shows Helen Grant with a 10% stake, while the other three living Led Zeppelin members each have 22.5%, as do the Bonham heirs, collectively.
According to what appears to be incorporation papers for United Blag — filed under its previous name of Langwest on Aug. 16, 1974 — around the time of the formation of Swan Song, the purpose of the company was to act as managers for singers, musicians and other creative entertainers as well as to produce and distribute sound recordings of all kinds as well as handling pictures, films and TV show appearances of all kinds.
Regardless of the incongruent ownership stakes listed for the Led Zeppelin members for Superhype Tapes and United Blag Productions, it looks like Helen Grant is selling a 10% stake in the band’s assets controlled by those two companies, which would mean she is selling a passive royalty income stream.
Still, the iconic Led Zeppelin catalog remains a considerable economic driver — averaging just over 1 million album consumption units annually in the United States alone over the last three years. As such, Billboard estimates that the band’s master recordings catalog generates about $24 million in revenue annually and that after deducting for production and distribution, the band likely reaped about $21 million of that amount. If the recordings carried a 20 times multiple, that would give the Led Zeppelin recorded masters catalog a nearly $420 million valuation — 10% of which would be $42 million.
Meanwhile, Billboard estimates that the publishing catalog averaged about $10.4 million annually over the last three years. After deducting a 10% administration fee, that would leave $9.4 million in revenue for the band, which at a 25 times multiple would be worth about $235 million.
While that valuation uses a high multiple, which some music asset traders might question, that concern would likely be offset by the upside potential for generating additional revenue through synch licensing. While synch typically can comprise about 25% of a publishing portfolio’s revenue base, Led Zeppelin has been very selective in granting licensing opportunities, which likely has depressed the band’s overall publishing revenue. Billboard’s valuation model uses a much smaller percentage than 25% of revenue for synch royalties in extrapolating overall publishing revenue.
Regardless of the publishing catalog’s valuation, it’s unclear how Grant would be paid from that considering that the principal songwriters in the band likely each own their publishing, as well as their songwriter share.
On the other hand, it’s conceivable that the band, along with Grant, collectively owns its publishing, which would divide 50% among the four band members and the Grant heirs, leaving the other 50%, or $6.35 million, for the songwriters to split; or that Grant owned 20% of the publishing and the band members owned the remaining publishing stakes in each of the songs they composed. Either way, that could leave Helen Grant with a 10% stake in the publishing, or a 5% stake in the publishing revenue, resulting in a $15 million-$16 million valuation, if the Grant estate indeed does own a stake in the band’s publishing.
But Billboard could find no mention of a Grant ownership stake in the sole Led Zeppelin publishing company that appears to be an ongoing operation, Flames of Albion Music, listed at Companies House.
The last document for that company, filed on May 11, 2016, listed Page, Plant, Baldwin and the Bonham heirs — Patricia Bonham, Jason Bonham and Zoe Bonham — as shareholders, while neither of the Grant heirs are listed.
But there is still merch revenue, trademarks and likeness and image to consider. Billboard estimates that Led Zeppelin averages about $2 million in merch each year. At a 10-times multiple, that would arrive at a $20 million valuation, with a 10% stake translating to $2 million. (Collectively, Billboard‘s valuation for Led Zeppelin’s recorded music, publishing and merch is about $670 million.)
Distribution company and payment platform Stem said on Tuesday it raised $250 million from Victory Park Capital to expand it’s popular advance check product. Stem first started offering the product in 2020 to artists at various career stages, including artists like Justine Skye, who used the capital as bridge financing when transitioning from a major […]
The board of directors at Gibson Brands has confirmed Cesar Gueikian as president/CEO of Gibson Brands. Gueikian, who previously served as brand president, was named as interim CEO following the exit of Gibson Brands’ former president/CEO, James Curleigh, in May. Gueikian joined Gibson in 2018 and has been instrumental in the resurgence of the instrument […]
Seeing is believing for some investors in Sphere Entertainment Co., the developer of the new state-of-the-art venue, The Sphere, in Las Vegas. Shares of Sphere Entertainment soared 22.7% this week after the world saw the first videos of the dazzling display created by the 580,000 square feet of programmable LED “pucks” on Exosphere, the exterior […]
Vinyl Me, Please, the ebullient record of the month club (and pressing plant) based in Denver, hired creative veterans Rob Jones and Alan Hynes to add some rocket fuel to VMP’s product line. In their new roles (Jones as executive creative director and Hynes as senior creative director), the duo will help guide VMP’s artistic direction and work alongside existing creatives on custom record packaging designs for releases. They’ll also work with studios and composers to bring movie scores to vinyl as part of its new Soundtracks offering, beginning with a new pressing of Dave Grusin’s score for The Goonies later this summer. Jones joins VMP after a successful couple of decades as co-founder of Mondo, the maker of pop culture collectibles (including vinyl records and posters) that was acquired by Funko last year. Hynes also arrives from Mondo, where he played an integral role in its design department for years — creating original record packaging for films like Fight Club, Eyes Wide Shut and others.
“Bringing joy to people through tangible, transcendent experiences with music is what VMP is about and what we’re always striving to offer our customers,” said Cam Schaefer, CEO of VMP. “The addition of Rob and Alan to the team takes us to the moon creatively and fills out a 1992 Olympic Dream Team of art and design. Their experience, mind-bending creativity, and passion for exploration will allow them to make a deep impact within VMP and help us to elevate and expand our product line for customers. We’re lucky to have them.”
Liliahn Majeed exited her post as Universal Music Group‘s first global chief diversity, inclusion and belonging officer for a similar DEI role at L’Oréal. During her three years at UMG, Majeed led a team focused on boosting the label giant’s inclusion and equity efforts, and she notably co-chaired one of the committees of UMG’s high profile “Task Force for Meaningful Change.” Before Majeed traded the globe’s No. 1 music company for the No. 1 beauty firm, she held senior marketing and diversity roles at the NBA and earlier, at Frito-Lay. Majeed moves into the chief diversity, equity and inclusion officer, North America role at L’Oréal following the retirement of Angela Guy.
Warner Music Latina appointed Andrés Shaq as A&R director. He’ll be based in Miami and report to Hector Ruben Rivera, senior vice president and head of A&R Latin Music. Shaq was previously senior A&R manager at Warner Music Colombia, where he spent three years and played a key role in the careers of artists like Piso 21, Mike Bahía and Blessd. He also signed notable Colombian producers such as ICON, DJ MAFF, and SOG. “Colombia and the Andean region have an abundance of incredible talent waiting to be discovered. I’m fully committed to discovering and fostering future Latin superstars,” said Shaq. –Leila Cobo
Sony Pictures Television tapped Palash Ahmed to lead new efforts to develop more music-connected projects at the studio. As head of music development — a newly created role — Ahmed will work with studio president of international production Wayne Garvie on synergistic pairings with obvious partners (Sony Music’s recorded music and publishing divisions), as well as with non-Sony artists and labels. In announcing Ahmed’s new role, studio chairman Ravi Ahuja said film and TV content with a music tie-in “comes with a built-in, highly engaged fanbase, and we are excited to begin leaning in to opportunities to develop projects with musical artist connections.” Ahmed, who is based in Los Angeles, joined Sony Pictures Entertainment in 2017 and most recently held the title of senior vp of corporate development.
Tim McGraw‘s management and marketing company, EM.Co, appointed Doug Phillips as vp of marketing and digital. Phillips has previously worked at companies including Q Prime South, Universal Music Group and Sony Music Nashville. Concurrently, EM.Co vice president Brian Kaplan joins McGraw’s media venture Down Home as co-founder and chief strategy officer. Down Home launched earlier this year with partners Skydance and social content studio Shareability. –Jessica Nicholson
Faryal Khan-Thompson joined Downtown-owned music distributor CD Baby as senior vice president of marketing and community engagement, responsible for strategy around the disciplines in her job title, as well as branding initiatives, artist education efforts and growing the company internationally. The NYC-based Khan-Thompson was previously vp of international at TuneCore. “I am committed to building on the great work that has been done and positioning CD Baby as the leading provider of music distribution services for independent artists,” she said. CD Baby recently made headlines by sunsetting most of its physical distribution business — namely, that it will no longer warehouse or distribute the CDs that it makes for artists.
ICYMI: Big Machine Music elevated Mike Molinar to president of the publishing company.
Justin Chacona was named vice president of brand & marketing at Stockholm-based production music company Epidemic Sound, where he’ll lead a team of 40-plus staffers working on marketing and PR initiatives, social media strategy and consumer relations as the company eyes expansion into new markets. Launched in 2009, Epidemic offers a catalog of restriction-free music for use in videos, podcasts and other content. Chacona joins from Polar Electro where he’s been group chief marketing officer since 2020. Earlier in his career, Chacona worked at Rovio Entertainment, where he led marketing efforts surrounding the video game developer’s hit movie for Angry Birds. Chacona’s appointment follows the hiring of Rob Bullough as global brand director earlier this year.
Vickie Nauman was appointed to the advisory board of Interstellar Music Services, a specialist digital rights management company. Based in Los Angeles, Nauman is the founder and CEO of music and tech consultancy CrossBorderWorks and before that held executive roles at 7digital and Sonos. Interstellar, which launched in January, works to maximize the collection of royalties via a suite of services that includes digital distribution, brand partnerships, metadata cleaning, neighboring rights, publishing administration and detailed analysis/reporting. “The Company sits right at the intersection of music and innovation,” said Nauman, “so I hope that it will benefit from my experience as it enters its next phase of growth.”
Youth-focused social media platform Zigazoo hired Joe Kelley as director of music partnerships. In his new role, Kelley will lead outreach efforts with the music industry at large as the short video app looks to build on the recent launch of its product for kids 13 and up. Kelley had plenty of experience connecting with music acts during his four years as Billboard‘s head of artist relations — booking talent for a wide swath of events and other branded franchises. After leaving Billboard, Kelley worked as an artist manager and, more recently, as head of artist partnerships at music impact events platform WithOthers.
The Royal College of Music has enlisted James Williams to be only its 11th director since the prestigious school, located in South Kensington, London, was founded in 1882. Williams will join RCM on Sept. 1, 2024, succeeding current director Colin Lawson, who is retiring. Williams is managing director of the Royal Philharmonic Orchestra, a position he has held since June 2016.
Nashville Bites: Universal Music Group Nashville hired Charlene Bryant as senior vp of business development and strategy. For the last five years, she ran her own company, Riveter Management, a multigenre firm whose clients have included hip-hop artist Trippie Redd… Rachel Burleson was promoted to Big Machine Label Group director of streaming from Big Machine Records project manager… SMACKSongs promoted Sam Sarno to creative director from creative manager… Mark Turcotte starts July 18 as Nashville-based Outback Presents senior vp of marketing. He arrives from Cox Media/Atlanta, where he was general sales manager. –Tom Roland
The Raine Group has raised $760 million for investments in fast-growing start-ups in the telecommunications, media and technology space, the London-based investment and advisory firm said on Thursday.
Raine Group raised the money for the new Raine Partners IV fund from public pension plans, sovereign wealth funds, family offices and others. The fund’s first investment was the mobile games developer Tripledot Studios, according to a statement.
With nearly $4 billion in assets under management, Raine Group has grown since its 2009 founding to serve as an adviser or investor in some of the biggest deals in sports, media and entertainment.
Earlier this year, it advised pro wrestling giant WWE on its $21 billion combination with Endeavor and on the estimated $300-million sale of Quality Control to HYBE America.
The Raine Group’s music investment and advisory team — Fred Davis, Joe Puthenveetil and Rob Frech — have invested in SoundCloud and Firebird Music Holdings, and also worked as advisors to Francisco Partners when it acquired Kobalt and helped Larry Jackson raise $1 billion in capital for his new venture, gamma.
The Raine Group also owns stakes in DraftKings, Moonbug, Imagine Entertainment, TelevisaUnivision and VideoAmp.
Similar to its predecessor funds, Raine Partners IV will invest in growth-stage media and technology companies, with a particular focus on sports, media, entertainment and gaming.
The Raine Group co-founder and partner John Salter said they chose Tripledot Studios for the fund’s first investment because it’s “one of the strongest (companies) in casual gaming.”
“As a highly profitable business with more than 400 staff and about 50 million monthly active users, we look forward to actively working with their team to drive continued growth in the casual gaming market,” Salter said in a statement.
LONDON — Global hit records by Harry Styles, Glass Animals and Ed Sheeran, coupled with the popularity of U.K. acts in emerging markets like the Middle East and Africa, helped British music exports climb to a record high of £709 million ($910 million) in 2022, according to new figures released by labels trade body BPI.
The London-based organization says 2022’s export tally is the highest annual total since BPI began analyzing labels’ overseas income in 2000. Last year also marked the ninth consecutive year of growth in U.K. music export trade revenues, which slumped to just over £200 million ($254 million at today’s exchange rates) in 2007.
BPI, which represents over 500 independent labels, as well as the U.K. arms of Universal Music Group, Sony Music Entertainment and Warner Music Group, says the consistent year-on-year rise puts the country’s record industry on track to exceed £1 billion ($1.27 billion) in annual music exports by the end of the decade.
Driving last year’s 20% growth was a combination of globally successful British artists and the strong value of the U.S. dollar and other foreign currencies against the pound sterling.
British singer-songwriter Harry Styles’ hit single “As It Was” was the world’s most-streamed song in 2022, according to Luminate data cited by BPI, while Glass Animals’ “Heat Waves” was number two. Other songs by U.K. artists in the year-end global top 10 included Elton John and Dua Lipa’s “Cold Heart (PNAU Remix)” and Ed Sheeran’s “Shivers.”
In total, around 450 U.K. artists accumulated more than 100 million global streams last year, up from almost 400 in 2021, BPI reports. That list includes Adele, Arctic Monkeys, Calvin Harris, Coldplay, Dave and Sam Smith, as well as veteran acts The Beatles, Pink Floyd and Queen. Overall, British artists claimed more than a quarter of the 50 most-streamed songs on Spotify in 2022.
Worldwide, consumption of British music increased in every region last year, says BPI, with export revenues rising 11% in Europe and up 28% in North America (equivalent trade values were not provided). The fastest-growing regions for U.K. music exports were Africa (up 48%) and the Middle East (up 59%).
On a country-by-country basis, all but one of the U.K.’s leading music export markets recorded a rise in export sales, including the U.S. – the leading international market for British acts – where revenues grew 28% to £292 million ($371 million). The second biggest country for U.K. music sales is Germany, where revenues climbed 4% to £58 million ($74 million), followed by France (up 15% to $54 million).
In line with the past several years, the U.K.’s share of the global recorded music market remains around 10%, reports BPI, despite the growing international popularity of music acts from Latin America and Asia, particularly South Korea.
In a statement, BPI interim chief executive Sophie Jones said the continued success of U.K. labels and artists overseas was “an exceptional achievement in the face of unprecedented competition on the global music stage, both from long-established and rapidly-expanding new music markets.”
The U.K. is the world’s third biggest recorded music market behind the U.S. and Japan with sales of just over $1.8 billion in trade value, according to IFPI’s 2022 Global Music Report.
Neko Health, a medical technology company co-founded by Daniel Ek, said on Wednesday (July 5) it has raised 60 million euros ($65 million) from a group of outside investors led by European tech venture capitalist Klaus Hommels‘ Lakestar. Founded in 2018 by Ek and Hjalmar Nilsonne, this is the first time the Swedish health-tech company […]