Pitango Venture Capital and Arts Alliance Digital Ventures has helped YCD Multimedia [1] secure USD 12 Million in a further round of financing.
Described as “Reflecting Investor Confidence in Business Momentum” the financing package includes new equity investment, led by venture capitalists Pitango Venture Capital and Arts Alliance Digital Ventures and the conversion of a bridge loan facility.
Rami Kalish, Managing General Partner and Co-Founder of Pitango and Chairman of YCD Multimedia told us “Our continued support and investment in YCD reflects our confidence in their vision for the future of retailing and their solid momentum toward reaching that vision.”
The company will use the funds to continue to build on its presence in the US and UK markets and to invest in its product roadmap.
Barry Salzman, Chief Executive Officer told us “This new investment gives us the capital to support the initiatives we are undertaking with larger chains in the US and internationally”
We haven’t really seen YCD Multimedia in the UK, apart from a lone sales tech guy in the middle of nowhere and a seemingly worthless / oft ignored partnership with Imagesound so it will be interesting to know what their expansion plans are.
In the US they need to get into the heart of retail in a much bigger way than they have done at present if they are to have any chance of success.