Opening China Market for International Media Companies and Advertisers
SHANGHAI and NEW YORK, April 25, 2014 /PRNewswire/ -- Touchmedia, China's leading interactive in-taxi advertising and media platform, announced today that it has closed its latest round of financing with additional funding from existing investors including Founder/CEO Micky Fung and Jubilant Worldwide Limited along with new investor XO Group Inc. (NYSE: XOXO), the premier consumer Internet and media company for engaged couples, newlyweds and first-time parents, who expanded the #1 wedding brand The Knot from the US to China with Ijie (http://www.ijie.com) targeting young Chinese couples.
"We are excited to announce an investment by XO Group in Touchmedia," said Micky Fung, Founder/CEO of Touchmedia. "This investment represents the confidence that our advertising partners have in our Company's ability to reach and influence the purchasing power of one of China's key demographics -- affluent urban professionals. With over 50,000 interactive advertising screens installed in taxis throughout China that reach close to 70 million passengers every month, we will help XO Group expand its market presence in China too."
Mr. Fung continued, "At the same time, the Company will be able to leverage the expertise and knowledge of XO Group to deliver best-in-class content to a well-defined market niche. Together, we will continue to grow the Company in China and internationally. Touchmedia is thrilled to welcome XO Group as an investor and to its family of advertising clients which include multinational companies such as Nike, Procter and Gamble, 360buy.com, Coca-Cola, Anheuser-Busch InBev, Air China, L'Oreal, Standard Chartered, Puma, Unilever, KFC as well as other top International and domestic brands."
David Liu, Chairman and Co-Founder of XO Group Inc., commented, "We have been watching Touchmedia's evolution, and we see our investment as being well timed to exploit new opportunities in China's media and advertising market. We are impressed by the Company's performance and unique access to young Chinese professionals in major cities. XO Group is excited to work with Touchmedia to expand the awareness of our brands, including Ijie.com in China, and to help the Company strengthen its position as the world's leading in-taxi media and advertising company."
The investment will be used by Touchmedia to further expand the reach of its in-taxi media platform in China as well as develop additional advertising solutions that integrate with mobile applications. The Company has witnessed significant growth over the last twelve months with sales increasing in its Guangzhou, Beijing and Hong Kong markets, in conjunction with the addition of more than 100 new clients.
