Comedian Alexander Armstrong raises stake in music streaming service Roxi as company prepares to move into US
Backer: Comedian Alexander Armstrong is investing in the new fundraising
Comedian Alexander Armstrong has raised his stake in music streaming service Roxi as the company prepares to move into the US.
In a £7 million fundraiser Armstrong made a ‘significant investment’, with U2 guitarist Adam Clayton and the band’s ex-manager Paul McGuinness.
Armstrong, 53, hosts the BBC One quiz game Pointless, as well as a morning show on Classic FM.
Other major investors include I Should Be So Lucky singer Kylie Minogue and Robbie Williams, though Roxi refused to confirm if the pop stars had taken part this time.
Roxi will use the funds to expand into the US this year, where it believes growth lies.
Chief executive Rob Lewis said: ‘Roxi is changing the way friends and family enjoy music together at home. The next phase is a global rollout into the homes of millions of consumers worldwide.’
Founded in 2014, Roxi offers 90 million music videos and 400,000 karaoke tracks, and has distribution deals with Sky for Sky Q, Amazon for Fire TV and Google for Android TV.
Tuned in: Kylie Minogue is a backer of the streaming service
So far it has raised £32 million and in December Britain’s Got Talent judge Simon Cowell invested in the business for the first time. If Roxi can hit growth targets it is understood to be looking to float in London within the next couple of years.
Interest is booming in music streaming. Hipgnosis, which buys back catalogues and allows investors to cash in on royalties, has raced to a £1 billion valuation since its 2018 listing.