Ukrainian startup Coppertino recently announced securing an investment round from angel investor and CEO of Ciklum, Torben Majgaard, AVentures Capital and TA Venture for its music player VOX. Because Coppertino is currently in negotiations with other investors, no exact information about the amount has been disclosed yet. What founder Peter Bondarevskyi did say, however, was that “we are raising up to 500.000 dollars this time.”
This is a follow-on round for Coppertino; the first one took place last year when the company raised 400.000 dollars from AVentures Capital.
“The company is growing amazingly and since we believe in its success story, we decided to increase our stake in the startup,” Yevgen Sysoyev, managing partner at AVentures Capital, told inventures.eu. “We expect the launch on an iOS platform [as well as] integration with a number of the world’s leading music services.”
Viktoriya Tigipko, managing director at TA Venture, said that their main reason for investing in the startup is based on the fact that the “team is quite persuasive in its vision to become the audio player that can provide listeners with any music they want anywhere in the world”.
2014: time for loyalty growth
For Bondarevskyi, there seem to be exciting times ahead. “Our business model requires building of a multi-million loyal user base”, so the team will use the newly acquired investment for their iOS app development and other services that will potentially help them move from 500.000 downloads of VOX to millions of new users.
“Music is shifting to cloud and streaming services, and this is a prevailing trend now,” said Tigipko. By following and investing in this tendency, VOX is heading to a “major consumer market with a great potential”, she added.