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Published on Business News Australia, June 13 2024, by Matt Ogg

Vinyl Group (ASX: VNL), the owner of music credits business Jaxsta, youth publisher and agency The Brag Media and music fan e-commerce store Vinyl.com, has today revealed that Washington H. Soul Pattinson (ASX: SOL) chairman Robert Millner is one of its significant shareholders.

The group reported today that Millner, WiseTech (ASX: WTC) founder Richard White, who owns more than a third of the company, CEO Josh Simons, and director Ken Gaunt, had committed to invest $2.4 million by way of taking up the entitlement and shortfall offer in a $5.4 million raise.

The raise is expected to lift cash reserves by $5.15 million, enabling Vinyl to accelerate user acquisition efforts on its Vinyl and Vampr platforms, the latter being a leading online social-professional network for creators that was founded by group CEO Simons.

Soul Patts chairman puts the needle on Vinyl Group's $5.4 million raise