Home > News >
WUAKI.TV PREPARES A FINANCING ROUND OF ABOUT €5 AND 10 MILLION.
The online video store Wuaki.tv is preparing a new financing round to raise between €5 and 10 million, allowing the entrance of new investors. The Catalan technological firm already raised €2 million in the third quarter of 2011, in a deal assisted by venture capital firms Bonsai Venture Capital and Axon Capital (see news).
Wuaki.tv expects to multiply by five its users up to reach 500,000 customers, and plans to export its platform to Latin America. The Megaupload's closing has encouraged the audiovisual distribution sector through the Internet.
The online platform plans to expand its offering from 2,000 to 5,000 titles and expand to Latin America through local partners.
The company expects the emergence of Internet-connected TVs, having established agreements with the manufacturers LG, Panasonic, Philips and expects to achieve a €7 million turnover in three years. It also has agreements with majors like Disney, Paramount, Sony Pictures and Warner to distribute their movies in the online video store.
The company will launch a subscription in March to allow customers to choose the payment method. Now it is possible to buy or rent individual titles, with prices ranging from €0.99 to €2.99.
Download free the 2011s1 Venture Capital in Spain report (Spanish language), with the main figures and details of 121 deals. Also free access to 2010 VC report (Spanish language).