Touchmedia secures new round of VC financing

Founded in 2003 by CEO Micky Fung, Touchmedia claims to be the largest in-taxi media company in China. In the last 12 months, the company has nearly doubled the number of taxis in its network, contributing 50 million viewers per month. Touchmedia has operations in Hangzhou and Hong Kong, as well as three cities in Canada through a partnership with Play Taxi Media.

Duen-Chian Cheng, president of TLC Capital, said Touchmedia's progress has been in line with the TLC's strategy of supporting proven, high-growth, innovative companies led by exceptional management teams.

"It is a sign of our confidence that China will buck the global media weakness and continue to post strong growth, especially in the new media sector," Cheng commented. "Touchmedia is the strongest fresh business model in that area that we have seen in some time and we look forward to seeing their continued expansion and success."

Maggie Choi, one of the new investors who also joins Touchmedia as a  managing director, is optimistic about the company's growth. "The research that Touchmedia conducts every year shows consistent increases in the number of passengers liking the system," she said. "I also am enthusiastic about the new products."

Touchmedia announced that it will continue to focus on development in China by increasing its depth of penetration to meet demand in existing cities. The company also plans to expand into new cities and introduce new functions, in particular exploiting the convergence between new media and mobile phones.

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• Topics
• Australasia
• Media
• China
• Growth capital
• Venture
• TMT
• Qiming Venture Partners