Comedian Alexander Armstrong raises stake in music streaming service Roxi as company prepares to move to US
Backer: Comedian Alexander Armstrong is investing in the new fundraiser
Comedian Alexander Armstrong has increased his stake in music streaming service Roxi as the company prepares to move to 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, presents the BBC One quiz show Pointless and a morning show on Classic FM.
Other big investors include I Should Be So Lucky singer Kylie Minogue and Robbie Williams, though Roxi declined to confirm whether the pop stars had participated this time.
Roxi will use the money to expand into the US this year, where she believes the 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 to 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.
Aligned: 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 company for the first time. If Roxi can meet its growth targets, it is believed to float to London within a few years.
Interest in music streaming is on the rise. Hipgnosis, which buys back catalogs and allows investors to cash in royalties, has soared to a £1 billion valuation since listing in 2018.