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InternetQ Secures EUR17 Million Investment In Akazoo Streaming Service

Thu, 09th Jul 2015 07:28

LONDON (Alliance News) - Mobile marketing and digital entertainment services company InternetQ PLC on Thursday said it has secured a EUR17 million fundraising for its Akazoo music streaming service.

InternetQ said the investment in the business has been made by a consortium of investors, led by Toscafund Asset Management LLP and Penta Capital LLP.

The funding will be used to grow the streaming business' presence and will also include a deal with R&R Music Ltd, an intellectual property and patent-powered music recommendation and user-profiling technology company to integrate its product into Akazoo.

The investment gives an implied valuation of EUR104 million to the Akazoo business, including R&R Music, with InternetQ retaining a 69% stake in the company.

Shares in InternetQ were up 11% to 309.75 pence on Thursday, one of the best performers in the AIM All-Share.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance