Detroit Institute of Music Education Inc secures $3M from private equity firm Beringea
Private equity firm Beringea Llc has poured $3 million in Detroit Institute of Music Education Inc or DIME through its fund, a statement about the investment said.
Proceeds from the investment will be deployed towards launching DIME's first US music college in Detroit. DIME was established by Kevin Nixon, Sarah Clayman and Bruce Dickinson who have extensive experience in the music industry. The company would provide advanced students of music with the chance to get a bachelor's degree or a Creative Music Performance diploma. The courses, which will be handled by veteran musicians and professionals in the industry, will cover such areas as guitar, bass, vocals, drums, songwriting and music entrepreneurship. It will also offer part-time and summer music education courses. For school year 2014-2014, DIME looks forward to getting 150 enrollees, the statement said.
DIME President Kevin Nixon said in the statement, "The music industry is a complicated business and learning by experience can be a long route. DIME brings the information, encouragement and expertise to demonstrate how to build a successful career. Musicians will be playing in bands, meeting industry professionals, mastering technique, promoting their own shows, developing their brand, arranging songs, and many other exciting career development activities. Most of all, DIME students will be part of a musical community of like-minded musicians and budding entrepreneurs."
The third venture in the music education space of DIME's founders, the trio already has colleges in the UK and Ireland. DIME, meanwhile, will be officially opened in September in the Bamlet Building which is still currently being renovated. DIME temporarily holds its admissions office and performance space at 1520 Woodward Avenue in between John R and Witherell, the statement said.
Beringea Co-Founder and Senior Managing Director Charlie Rothstein said in the statement, "We're excited to bring this innovative high profile, high impact business to Detroit and provide growth capital for its launch. DIME's education model will attract creative young people from all over the country to Michigan, while creating more jobs in the education sector."