Issue Date: Vol. 51, No. 8, August 2011, Posted On: 8/12/2011
TouchTunes Said To Land $45M Funding
TouchTunes Interactive Networks, TouchTunes, jukebox, juke box, series E funding
NEW YORK CITY -- TouchTunes Interactive Networks, which became the U.S. industry's first downloading jukebox company some 14 years ago, has reportedly secured $45 million in new funding.
The capital came in the form of series E financing, meaning a fifth major round of fundraising for the privately held company, resulting in the issuance of preferred stock. The funding was reportedly based on a valuation that TouchTunes is worth $300 million.
The news was not announced by TouchTunes. Instead, it was leaked on the Internet.
It appears that someone accidentally sent an email intended for TouchTunes CFO Patrick Barry to the wrong address -- namely, a Google employee who is also named Patrick Barry. Google's namesake posted the news on his Google+ account. It was then picked up by more than 1,000 websites and blogs. | SEE POST
TouchTunes has made no comment on the matter.
Among the company's earlier investors are CDP TelecomMedia and CDP Innovation-Sofinov of Canada (which invested $15 million and $5 million respectively in 2000), Innovatech Quebec and VantagePoint Venture Partners.