InternetQ raises EUR 17m for Akazoo music streaming service
InternetQ, a provider of mobile marketing and digital entertainment solutions, has secured a €17m fundraising for its Akazoo music streaming service, from a consortium led by Toscafund Asset Management LLP and Penta Capital LLP.
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The cash investment will be used to grow Akazoo's operations and footprint and expand the new entity's proposition across new verticals through continued development of the Akazoo platform and R&R Music's technologies, the company said.
Based on the subscription terms of the new investment, the implied post-money valuation of the enlarged Akazoo business, including R&R Music, at announcement is approximately €104m, with InternetQ holding around 69.1% of the shares, while Tosca Penta Music and R&R Music's founders and existing investors hold the remaining shares.
The enlarged business, headquartered in London, UK, will be effectively debt-free at the outset and will have a dedicated board of directors.
At 1140 BST, InternetQ shares were up 8.5% at 301.74p.