It may be getting more difficult for new-media startups to find financing, but Worldpop, for one, has pulled it off. The company, founded by former Radio One DJ Peter Powell, which offers pop music news, information and entertainment through the Internet and text messaging, landed £5m in a second round of financing Monday.
The company recently acquired direct marketer Trinity Street Direct, expanding its database of primarily teenage customers to 6 million. Industry experts say Worldpop has potential as a direct advertiser because of its attractive target audience and innovative media. The company says it won't hit the public markets any time soon, but analysts said it could be a takeover target by a media, Internet or mobile phone company.
The funding includes £3m from investment bank Dresdner Kleinwort Benson, and other investment from 3i Group and Amadeus Capital Partners. Worldpop launched in 1999.
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