ADVERTISEMENT

British music hardware startup Electric Jukebox says it has raised $14 million and plans to go public next year

The company's product has faced a series of delays, but it's finally on sale.

A promotional image for Electric Jukebox.

LONDON — Electric Jukebox, the British music hardware startup that makes a television set-top box for music streaming, says it plans to go public in the first half of 2018.

ADVERTISEMENT

The company makes a box that plugs into televisions which lets you use your television to navigate a music streaming service.

The device costs £199 and doesn't require a monthly subscription.

ADVERTISEMENT

Electric Jukebox said that it has raised $14 million (£10.8 million) in funding from investors including CEO Rob Lewis, 50 high net worth individuals, and previous investor YOLO Leisure & Technology.

YOLO Leisure & Technology is controlled by entrepreneur Nigel Wray, and a spokesperson for YOLO said the company owns 41% of Electric Jukebox.

Electric Jukebox said that it intends to IPO in the first half of 2018 and list on AIM in London.

One rumour that has been floated before on how Electric Jukebox could go public is through a reverse takeover, which would involve it buying a company that's already public. However, Electric Jukebox denied that it plans to go public through that method and instead said that "the company is now planning an independent IPO in the first half of 2018. It will be an independent IPO not a reverse, despite earlier press coverage to the contrary."

The Daily Mail reported that Electric Jukebox is seeking a valuation above £100 million, which is an ambitious goal for the relatively new company. A representative for YOLO said it couldn't comment on "market speculation" around the valuation.

ADVERTISEMENT

Electric Jukebox also told The Daily Mail that the company is looking to reach revenues of £777 million over the next five years.

The product was first announced in a London press conference in October 2015 that featured singer Alesha Dixon and comedian Alexander Armstrong.

The initial launch date was Christmas 2015, but it was then delayed to Easter 2016. That release date fell through as well, and the product was finally released in November 2016.

A US launch was also announced during the Electric Jukebox launch event, but it's only just happening — nearly two years after it was announced. Other changes made by the company include renaming the product to "ROXI" and cutting the pink version of its hardware.

ADVERTISEMENT

The company has relied on high-profile backers to raise its profile. Former Take That singer Robbie Williams, Sheryl Crow, "Strictly Come Dancing" star Dixon, and Stephen Fry all posed for product photos with the device.

The launch event was introduced by Armstrong and then-culture secretary John Whittingdale.

Electric Jukebox said that its celebrity backers all have stakes in the business, along with other music industry and technology names including former U2 manager Paul McGuiness, former Bon Jovi manager David Munns, and TomTom founder Mark Gretton.

FOLLOW BUSINESS INSIDER AFRICA

Unblock notifications in browser settings.
ADVERTISEMENT

Recommended articles

US troop withdrawal from Niger hangs in the balance

US troop withdrawal from Niger hangs in the balance

Detained Binance executives sue Nigerian authorities for human right violation

Detained Binance executives sue Nigerian authorities for human right violation

Nigeria's central bank increases minimum capital base for banks

Nigeria's central bank increases minimum capital base for banks

Sony’s creators convention redefines the creative landscape for content creators

Sony’s creators convention redefines the creative landscape for content creators

Exploring the popularity of progressive jackpot slots in Indonesia

Exploring the popularity of progressive jackpot slots in Indonesia

Egypt, Nigeria, and South Africa ranked as Africa's most polluted countries in new report

Egypt, Nigeria, and South Africa ranked as Africa's most polluted countries in new report

10 African countries with the lowest life expectancy according to the World Bank

10 African countries with the lowest life expectancy according to the World Bank

Kenyan women are more obese than their men - here’s why

Kenyan women are more obese than their men - here’s why

Africa’s richest man Dangote stands between Europe and $17 billion in revenue

Africa’s richest man Dangote stands between Europe and $17 billion in revenue

ADVERTISEMENT