INTQ.L Share News (INTQ)

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.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.