Tinselvision Gets Second Round Funding Of Over $3 Million
By Nikhil Pahwa - Mon 19 Nov 2007 09:08 PM PST
A fresh influx of more than $3 million in funding for Tinselvision, a video-on-demand (VoD) service targeting South Asian communities in the US, UK and Canada, has been led by its current largest investor - Innovative Entertainment Limited, a Geneva based subsidiary of Innovate Energy Group. The Series B financing, Tinselvision claims, gives it a “pre-launch, post-money valuation at nearly $20 million”. IEL had invested $3 million in the venture just five months ago. Chase Weir, Chairman and CEO of TinselVision says the company’s shares have nearly doubled in value. They have struck online distribution deals for television content with STAR TV, Zee TV, Zoom TV (BCCL group co) and Bollywood film content from Yash Raj Films. Money from the current round of funding will be used for investing in online marketing, hiring, content acquisition, advertising sales and distribution.
Posted in: NRI, Portals, TV, Venture Capital, Bollywood
