Streaming Startup Backed By Kylie Minogue Secures £13m Funding
Image Credit: Glen Carsten-Peters
The Streaming Startup Will Give Users Access To A Catalogue Of 55 Million Songs As Well As A Karaoke Function
The UK based Roxi, currently available via Sky Q and Android TV has secured £13 million in funding. It has been described as the world’s first “made for TV” music service and has several key figures as backers, including Robbie Williams, Kylie Minogue and former EMI chairman Guy Hands. It also counts Universal Music, Warner Music and Sony Music as shareholders and U2’s former manager Paul McGuinness. In addition this the private equity firm Sun Capital has recently pitched in as an investor. Talking about their investment co-founder Edward Spencer-Churchill said: “We are excited by Roxi’s opportunity to deliver unique, fun music entertainment experiences into the home. The potential is huge, with mass-market appeal and a nation waiting to be entertained.”
Speaking about the service Roxi founder Rob Lewis explained: “We have seen huge growth during lockdown, with people using their TVs for more interactive entertainment at home.” He continues, “The fundamental thing is when you are looking at a potential initial public offering in the future you want to be growing as quickly as you possibly can be. And with this funding, Roxi is ready to start to roll out on other platforms and in other countries.”
According to a recent article in The Guardian investors have helped Roxi get well on its way to a potential £200m flotation on London’s stock market. The latest funding values the platform at around £50m, this will be used to expand Roxi to 500m devices by 2022.
Kylie Minogue – who was announced an an investor last month – also signed a three-year deal that will see her from Roxi’s advertising campaigns.
The service will have some stiff competition from the already established streaming giants but their niche features may help them overcome the competition. It’s an interesting development and one that should be watched with a keen eye.