24i Media secures funding from Newion
Dutch TV app developer strengthens product and market development
Amsterdam/Heerenveen, 7 January 2015 – Amsterdam-based TV app software company 24i Media today announced that it has secured funding from Newion Investments.
The investment will be used to scale up the organization to meet the rapidly increasing market demand for TV apps and to expand into new countries.
24i Media conceives, designs, develops, deploys and maintains high-value TV apps for any screen, from smart TVs to set-top boxes, game consoles, tablets and mobiles. With AppCore, its unique and proprietary TV app technology framework, 24i simplifies and streamlines app development and maintenance for TV platforms.
Martijn van Horssen, CEO of 24i Media, is delighted to welcome Newion Investments as a new shareholder: “24i Media wants to become the market leader in technology for TV front-end applications. As an experienced professional investor specializing in software, Newion Investments will enable us to achieve further national and international expansion. This is essential for us to secure and expand our leading position as an innovative TV app developer.” Van Horssen goes on to say, “It will take a considerable leap to cross the adoption chasm for TV apps and position ourselves as a dominant player in the global TV app market, but this is actually just a small step in our strategic roadmap.”
Frank Claassen, a partner at Newion, said: “TV apps will disrupt the TV market. 24i Media has a sophisticated product in a large dynamic market poised for tremendous growth. We see our investment in the company as a valuable addition to our portfolio and are confident that we can add significant value to its future development. Given the current level of adoption of its technology and new market opportunities abroad, we are convinced that the company will see further substantial growth in years to come.”
About 24i Media - www.24i.com
24i conceives, designs, develops, deploys and maintains TV apps for any screen, from smart TVs to set-top boxes, game consoles, tablets and mobiles. Operating from offices in Amsterdam, Barcelona, Buenos Aires and Los Angeles, a talented team of media engineers and media professionals develop solutions for international clients such as RTL, Pathé, Nubeox, FOX Sports and many others.
24i is an innovative media technology company established in 2009, when the first connected TVs were just hitting the market. Since then, 24i has grown into a thought and product leader for TV app development, partnering with TV manufacturers, broadcasters, operators and content owners. With new initiatives such as over-the-top TV services, market dynamics for TV content delivery are changing rapidly. 24i Media aims to become a dominant player in this market.
About Newion Investments – www.newion-investments.com
Newion has been one of the most successful investment companies in its sector since it was founded in 2000. Its portfolio includes Collibra, iWelcome, Reasult, Vector Fabrics and MaPS Systems. Newion is currently investing from its third fund with € 50 million in committed capital, and focuses on business-to-business (software) companies in the Benelux. The European Investment Fund is a cornerstone investor in the Newion II fund through the European Commission’s Competitiveness and Innovation Framework Programme (CIP).
For more information please contact:
Newion Investments, Frank Claassen:
T +31 (0) 513 640 633
24i Media, Hans Disch:
T +31 (0) 6 5121 6209
Details of the transaction will not be disclosed.