Merck Mercuriadis' Hipgnosis Songs has raised a further £231 million.

The company, which has now raised in excess of £625m since its 2018 IPO, offered 231,000,000 shares to new and existing investors at £1 per share. 

Mercuriadis, founder of The Family (Music) Limited and Hipgnosis Songs Fund Limited, said: “I am delighted by the strong response to this issue both from our existing shareholders and new investors.

"Having raised £231 million today and over £625 million since our IPO a little over a year ago, Hipgnosis has been one of the biggest fund launches on the London market in recent times, with more capital raised over the last six months than any other London listed fund.

"This is a demonstration of the financial community recognising the true value of music and proven songs. They are the currency that makes the world go round. They are predictable and reliable and they are better than gold or oil. We have lined up the finest available song catalogues and will be deploying immediately.”

Earlier this week, the big-spending firm announced it had acquired a music catalogue from US producer and rapper Timbaland.