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Touchmedia gets funds to fuel business

TOUCHMEDIA, a Chinese interactive media company, has received a 100 million yuan (US$15 million) investment which will help it expand its domestic operations.

The funds were invested by CDIB Capital Ltd, an affiliate of China Development Financial Holdings, TLC Capital, Qiming Ventures, Mustang Ventures, as well as by company founder Micky Fung and his affiliated companies, according to a Touchmedia statement.

"The funds will be used for expansion in both existing and new cities as we are already unable to meet demand in some areas," said Micky Fung, also CEO of Touchmedia.

Negotiations are under way to tap into several second-tier cities, the company said without giving details.

Fung added that the company is also considering to expand its business overseas but did not elaborate.

Founded in 2003, Touchmedia's interactive screens are installed in more than 100,000 taxis in Beijing, Shanghai, Guangzhou and Shenzhen - making it the biggest in-taxi interactive media firm.

Regulators in Shanghai have banned in-taxi ads since April and taxi operators must remove all video screens immediately after contracts have ended.


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