SPINLET Gets Funding Boost from Verod Capital

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Social Mobile Music App Maker Receives Key Investment from Nigerian Firm Ahead of New Product Launch

LONDON, May 31, 2011 /PRNewswire-USNewswire/ -- SPINLET, the makers of innovative, cloud-based music streaming and storage applications, announced today that it has received a significant investment from Verod Capital Management Limited ("Verod Capital"), an emerging markets investment firm based in Nigeria, with interests across several sectors.

Verod Capital's undisclosed investment in the emerging digital music app maker comes at a critical time to support the launch of the Finland-based company's new enhanced service, which will predominantly service the fast growing mobile markets of Africa, Asia, Eastern Europe and the Commonwealth of Independent States.

"There is a strong demand for music download services in emerging markets but consumers have limited access to portals from where they can legally download original music tracks from local and international artists," said Eric Idiahi, Executive Director, Verod Capital. "SPINLET is ideally placed to source the content and deliver it to millions of underserved consumers worldwide across the mobile and web channels."

SPINLET's current application enables consumers to remotely store, manage and listen to music from anywhere using any mobile device. Using the SPINLET Music Cloud portal, users can also create playlists, stream and seamlessly synch music tracks across devices as well as share their favorite titles using social networking sites, like Facebook.

The enhanced version of SPINLET – to be launched in July 2011 – will combine the best of elements of the Music Cloud's existing service with mobile downloading capabilities available on the latest generation of smartphone platforms. SPINLET's new application will be available for major mobile operating systems including Android, Blackberry, Symbian 60, Windows Phone 7 and popular Java-enabled mobile phones.

Founded in 2006 by Sami Leino and Ville Leino in Finland, SPINLET started out focusing on building a strong IP portfolio and launched their first cloud-based music service in 2010. Going forward, SPINLET will leverage social media integration, consumer recommendations and viral product features to drive sales in emerging markets.

"SPINLET might be the first acquisition of a leading European mobile technology start-up by a Nigeria-based investment firm," said Verod Capital CEO, Danladi Verheijen. "We are extremely excited about the potential to leverage SPINLET's technology across large African markets, as well as support the company's growth in other parts of the world."

The company is seeking distribution and affiliate partnerships with local mobile service operators and original equipment manufacturers to expand availability. SPINLET is also working with leading music labels in Africa, Europe and Asia to further develop its portfolio of localized music catalogues.

For more information about SPINLET, visit www.SPINLET.com.

For more information on Verod Capital visit www.VerodCapital.com

SOURCE Verod Capital Management Limited