Commercial rights company SRM Sport & Entertainment has secured investment from capital and solutions company 23 Capital.
SRM, which was co-founded by former Formula One legal counsel Judith Griggs and ex-Syco chief executive Charles Garland, provides consultancy, rights representation and rights creation services to rights-holder clients spanning the sports, media and entertainment sectors.
The company has until now kept a low public profile, but the new investment is likely to change this. A press release from 23 Capital said SRM “unlocks value for rights holders across sport and entertainment through commercial, creative and technological innovation”.
23 Capital came to prominence in December for having provided an estimated £50m (€58m/$66m) in backing to digital football fan club Otro. The venture capital firm’s investment in SRM will see it support SRM’s ongoing growth, with SRM in return advising on select 23 Capital projects.
Stephen Duval co-founder of 23 Capital said: “The digital revolution continues to transform the sports, music and entertainment industries and SRM Sport & Entertainment’s experience of working with rights holders is not only invaluable but sits perfectly alongside 23 Capital’s specialist sector knowledge. We are delighted to be working with SRM and look forward to building on the opportunities presented by growth in the content and licensing of these industries.”
Garland and Griggs said: “SRM is delighted to partner with 23 Capital. Their portfolio of investments in the sports and entertainment sectors plays directly to SRM’s strengths across commercial rights consultancy, representation and ownership. We look forward to creating a combined centre of excellence that will benefit both 23 Capital and SRM businesses.”
SRM has also announced the appointment of Mark Brittain as its inaugural chief executive, who moves from his role as chief commercial officer at esports event organiser Gfinity.