A new music streaming platform startup backed by Kylie Minogue has secured £13million in funding.
The UK-based Roxi, currently available via Sky Q and Android TV, has been described as the world’s first “made for TV” music service, and offers its users access to a catalogue of 55million songs as well as a karaoke function.
As The Guardian reports, new investors including the former EMI chairman Guy Hands have helped Roxi get well on its way to a potential £200m flotation on London’s stock market. The latest funding values the platform at around £50m, and will be used to expand Roxi to 500m devices by 2022.
This comes after Minogue was announced as an investor last month. The ‘Disco’ pop star signed a three-year deal that will see her front Roxi’s advertising campaigns. Her former collaborator Robbie Williams has also backed the service.
“We have seen huge growth during lockdown, with people using their TVs for more interactive entertainment at home,” said Roxi founder Rob Lewis. “The fundamental thing is when you are looking at a potential initial public offering in the future you want to be growing as quickly as you possibly can be. And with this funding, Roxi is ready to start to roll out on other platforms and in other countries.”
Universal Music, Warner Music and Sony Music are also shareholders in Roxi, whose existing investors including U2‘s former manager Paul McGuinness.
Private equity firm Sun Capital is among the new investors. Their co-founder Edward Spencer-Churchill said: “We are excited by Roxi’s opportunity to deliver unique, fun music entertainment experiences into the home. The potential is huge, with mass-market appeal and a nation waiting to be entertained.”
Meanwhile, Kylie Minogue recently expressed her desire to collaborate with Madonna in the future. “There’s been talk about Madonna and I doing a duet for, it feels like, 20 years,” she said. “If that were to happen, that would be amazing.”