Touchmedia Completes Latest Funding Round Continued Growth Planned
SHANGHAI, Feb. 8, 2012 /PRNewswire-Asia/ -- Touchmedia today announced that they have completed their latest round of financing led by Founder and CEO Micky Fung and his affiliate companies, along with several new participants, and internal investors from previous rounds, Qi Ming Venture Partners, TLC Capital, Mustang Ventures.
Mr. Fung noted, "We have been pleased with our recent expansion. In the last 12 months we have nearly doubled our number of taxis. That will give us over 50 million viewers per month. We have also launched in Hangzhou, Hong Kong and in partnership with Play Taxi Media, 3 cities in Canada. With the new funds we will be strongly placed to aggressively build on this foundation of proven success."
Duen-Chian Cheng, President of TLC Capital commented, "We have been delighted by Touchmedia's progress and see our latest investment as being ideally in line with our strategy of supporting proven, high-growth, innovative companies led by exceptional management teams. It is a sign of our confidence that China will buck the global media weakness and continue to post strong growth, especially in the new media sector. Touchmedia is the strongest fresh business model in that area that we have seen in some time and we look forward to seeing their continued expansion and success."
When asked about the company's strategy for growth, Mr. Fung, elaborated, "We will continue to focus on development in China. There are three aspects we are concentrating on: increasing our depth of penetration to meet demand in existing cities; expanding our current number of cities to others requested by our clients; and introducing new innovative functions, in particular exploiting the convergence between new media and mobile phones."
Maggie Choi, Touchmedia's new MD for Hong Kong is also one of the new investors. "It was the success to date and the growth in prospect that really impressed me. The audience clearly enjoys the screens and finds them useful. The research that Touchmedia conducts every year shows consistent increases in the number of passengers liking the system. I also am enthusiastic about the new products such as the interactive TVCs and specially created content like the WOW Fitness Girl for Centrum, which was seen by 171 million viewers and in 1 month generated more than 1 million responses."
Touchmedia was founded by its 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