WASHINGTON, DC—TinselVision, a broadband Internet video-on-demand service selling Indian television and Bollywood film content to persons of Indian decent who live out of the country, says it has secured terms for second round in excess of $3 million.
The funding is led by the company’s largest investor, Innovative Entertainment Limited.
The company says it is also about to announce four new online distribution deals with Indian film, television and music production houses. Over the past few months, TinselVision secured content licensing deals with STAR TV, Zee TV, Yash Raj Films and Zoom TV.
The company raised a first round of $3 million and says it has established the company’s pre-launch, post-money valuation at about $20 million.
“We committed to achieve value creation and content momentum exceeding marketplace norms when we closed Series A funding just five months ago,” said Chase Weir, chair and CEO of TinselVision.
“We have now exceeded the milestones of our original capital commitments and, our investors decided to re-affirm these accomplishments with a near doubling in share value and more than doubling their invested capital.”
The US-India based venture is already in discussions for Series C funding and, intends to disclose terms secured for collapsed film releases, cricket licensing, exclusive IPTV technology rights, and advanced business intelligence offerings to its advertisers and licensors in the coming weeks, in addition to unveiling designs for its v3.0 online services and social networking features.
TinselVision will use Series B funding to extend its investments in grassroots community and online viral marketing, in addition to key hires in senior management, content acquisition, advertising sales and extensible distribution.
TinselVision(TM), a trademarked service of Tinsel Cinema, LLC, is a Washington, DC and Mumbai, India-based premium VoD provider scheduled to launch its niche service in late November 2007.
On the Web: www.tinselvision.com
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