3i, London, UK-based international investor focused on private equity, infrastructure and debt management, has acquired a minority stake of newly issued shares in TouchTunes, believed to be the world’s largest digital interactive out-of-home entertainment provider, for $40 million. In addition, current majority shareholder VantagePoint Capital Partners – with offices in San Bruno, California, Beijing and Hong Kongwill invest an additional $5 million. The total investment will support TouchTunes’ growth strategy and help bolster its product and service offering.
Founded in 1998, TouchTunes has a network with 50,000 digital jukeboxes located in restaurant and bar establishments across North America. The company has recently unveiled its award-winning premier Digital Smart Jukebox, Virtuo, a first-of-its-kind system that breaks through the digital entertainment category with advanced music, technology and advertising capabilities. TouchTunes holds an unmatched presence in the bar and restaurant arena, reaching and engaging the coveted, tech-savvy 21-35 age demographic.
Headquartered in New York City, TouchTunes also has offices in Chicago and Montreal.