Finland, SongHi Entertainment Receives Venture Funding

SongHi Entertainment Ltd., a Helsinki, Finland-based developer and distributor of advanced internet and mobile services which combine music-making and social networking, has raised an undisclosed financing from public venture-capital investor Veraventure Ltd, Optiomi Invest Ltd and a group of private investors.
The company will use the proceeds to launch globally the first commercial version of its service (during the second quarter of the year 2010).
SongHi Entertainment, which currently employs 20 people in its offices in Helsinki and Kotka, is seed funded by Tekes (Finnish Funding Agency for Technology and Innovation) and the local employment and economic centre.
Even after the latest financing round, the majority of its share capital is owned by the founders and the employees.
The company is already preparing for the next financing round with the aim to have major foreign operators as owners by the autumn of 2010.

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