Touchmedia Closes Latest Round to Fund Continued Expansion Opening China Market for International Media Companies and Advertisers
NEW YORK and SHANGHAI, April 24, 2014 /PRNewswire/ -- Touchmedia, China's leading interactive in-taxi advertising and media platform, announced today that it closed its latest round of financing with additional funding from existing investors including Founder/CEO Micky Fung and Jubilant Worldwide Limited along with new investor, XO Group Inc. (NYSE: XOXO), the premier consumer Internet and media company for engaged couples, newlyweds and first-time parents, who expanded the #1 wedding brand The Knot from the US to China with www.ijie.com targeting young Chinese couples.
"We are excited to announce an investment by XO Group in Touchmedia," said Micky Fung, Founder/CEO of Touchmedia. "This investment represents the confidence that our advertising partners have in our Company's ability to reach and influence the purchasing power of one of China's key demographics – affluent, urban professionals. With over 50,000 interactive advertising screens installed in taxis throughout China that reach close to 70 million passengers every month, we will help XO Group expand its market presence in China too."
Mr. Fung continued, "At the same time, the Company will be able to leverage the expertise and knowledge of XO Group to deliver best-in-class content to a well-defined market niche. Together, we will continue to grow the Company in China and internationally. Touchmedia is thrilled to welcome XO Group as an investor and to its family of advertising clients which include multinational companies such as Nike, Procter and Gamble, 360buy.com, Coca-Cola, Anheuser-Busch InBev, Air China, Loreal, Standard Chartered, Puma, Unilever, KFC as well as other top International and domestic brands."
David Liu, Chairman and Co-Founder of XO Group Inc., commented, "We have been watching Touchmedia's evolution and we see our investment as being well timed to exploit new opportunities in China's media and advertising market. We are impressed by the Company's performance and unique access to young Chinese professionals in major cities. XO Group is excited to work with Touchmedia to expand the awareness of our brands, including Ijie.com in China, and to help the Company strengthen its position as the world's leading in-taxi media and advertising company."
The investment will be used by Touchmedia to further expand the reach of its in-taxi media platform in China as well as develop additional advertising solutions that integrate with mobile applications. The Company has witnessed significant growth over the last twelve months with sales increasing in its Guangzhou, Beijing and Hong Kong markets, in conjunction with the addition of more than 100 new clients.
Touchmedia was founded by its Executive Chairman and CEO Micky Fung in 2003 to develop state-of-art touchscreen media technology in China and internationally. Today, Touchmedia is already the largest in-taxi media company in China, providing an innovative marketing platform which allows brands to engage consumers more effectively, building higher involvement for better awareness, recall and response. For more about Touchmedia： www.touchmedia.cn.
About XO Group Inc.
XO Group Inc. (NYSE: XOXO) (http://www.xogroupinc.com) is the premier consumer Internet and media company devoted to weddings, pregnancy and everything in between, providing young women with the trusted information, products and advice they need to guide them through the most transformative events of their lives. Our family of premium brands began with the number one wedding brand, The Knot, and has grown to include The Nest, The Bump and Ijie.com. We also operate a number of ancillary sites, including WeddingChannel.com and Weddings.com. XO Group is recognized by the industry for innovation in media -- from the web to mobile, magazines, books and video. XO Group has grown its business to include online sponsorship and advertising, registry services, e-commerce and publishing. The company is publicly listed on the New York Stock Exchange (XOXO) and is headquartered in New York City.
GM of Corporate Communications of Touchmedia
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Investor Relations of XO Group Inc.
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SOURCE XO Group Inc.