Music tech firm backed by Kylie Minogue raises £13m
Posted on December 8, 2020 by Alistair Hardaker
Entertainment tech firm ROXi has closed a growth capital round of up to £13m, allowing the platform to be rolled out to Smart TV and Pay TV platforms.
The firm is also launching ROXi Music Video Jukebox, a 55 million song music video streaming service built for the TV. It combines all 400,000 official music videos from Universal Music Group, Sony Music Entertainment, Warner Music Group, Beggars Group and FUGA with over 54 million videos developed exclusively by ROXi, in partnership with Getty Images.
The device and platform allows users to listen and watch their favourite artists and even sing with them through ROXi’s Sing with The Stars Karaoke feature, which has now more than doubled in size to include over 140,000 songs.
ROXi’s Christmas TV adverts star Aussie pop queen Kylie Minogue, one of its celebrity backers. The company also recently announced a partnership with Sky to bring the ROXi experience to all Sky Q subscribers. ROXi has seen strong sales growth and significant increased demand for home music entertainment throughout 2020.
Roxi is reviewed on page 48 of the newly published BusinessCloud magazine.
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Sun Capital Partners, which has backed the likes of PizzaExpress, Punch Taverns, CenterParcs and Phoenix Group, led the round and is partnering with ROXi to accelerate its global and platform expansion.
Other new investors include Guy Hands, the Founder and Chairman of private equity firm Terra Firma, Chris Wright CBE the founder of Chrysalis Records and Lorna Tilbian, Chairman of Dowgate Capital.
Existing shareholders including Paul McGuinness, former Manager of U2, Peter Cornell, former Global Managing Partner of Clifford Chance, Warner Mandell, Global Co-Head of TMT at Rothschild & Co, Henrik Holmark, former CFO of Pandora, Rupert Howell former MD of ITV and Michael Moszynski CEO of London Advertising, have also participated in the round.
Edward Spencer-Churchill, Co-Founder and Partner of Sun Capital Partners, said: “We are excited by ROXi’s opportunity to deliver unique, fun music entertainment experiences into the home in partnership with Smart TV networks and Pay TV leaders like Sky. The potential is huge, with mass market appeal and a nation waiting to be entertained.”
Rob Lewis, ROXi CEO, added: “Sun Capital Partners have a fantastic track record of supporting great British success stories. Working together, we will now take the ROXi music entertainment experience, including the new ROXi Music Video Jukebox into millions of homes worldwide.”