UK music streaming start-up Roxi has secured GBP 13 million in funding from investors including private equity company Sun Capital and former EMI chairman Guy Hands, reports The Guardian. The funding round values Roxi at around GBP 50 million.
The 'made for TV' Roxi music service is currently available on the Sky Q and Android TV platforms. The new funding will be used to accelerate roll-out of the service and expand overseas. Roxi plans to launch on platforms including Samsung and LG smart TVs, Apple TV and PlayStation. It comes after Roxi last month announced pop star Kylie Minogue as an investor, in a 3-year deal which will see her star in the company's ad campaigns. Roxi is understood to be targeting an IPO on the London Stock Exchange in 2022 if it can achieve its growth targets.
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