Touchmedia Seeks Third-Round Funding

Reuters, 10/21/08

In-taxi LCD screen advertising operator Touchmedia, has stated it is in the midst of a third round of financing, in which it is raising RMB 150 mln through a private equity transfer. The funds raised will be used to support the expansion of the company's advertising network.

Touchmedia managing director, Neil Ducray, claims Touchmedia is planning a six-month project which will see it expand its number of taxi-based televisions in Shanghai from its current 8,000 to around 10,000 screens. It will also expand its presence in Beijing from 3,000 to 10,000 screens.

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