TouchTunes Interactive Networks, a New York City-based large digital interactive out-of-home entertainment provider, has received a $45m (approximately £27.5m) investment.
3i and its funds acquired a minority stake of newly issued shares in TouchTunes for $40m (£24.5m) while existing majority shareholder VantagePoint Capital Partners will invest an additional $5m (£3m).
The company intends to use the proceeds to bolster its product and service offering. It plans to remain focused on expanding the existing base of digital jukeboxes across North America and launch new products and services to broaden its in-venue entertainment capabilities. 3i’s investment and experience will enable the company to expand into Asia and Europe.
Founded in 1998, TouchTunes has 50,000 digital jukeboxes located in restaurant and bar establishments across North America and has recently launched its premier Digital Smart Jukebox, Virtuo, a system with advanced music, technology and advertising capabilities. The company also provides TouchTunesTV, a screen-within-a-screen interactive television experience designed to provide custom advertising capabilities, venue promotions and social networking opportunities.
The company also has offices in Arlington Heights, Illinois and Montreal, Canada.