YooMedia plans to raise £7million
By maddy
Interactive TV group YooMedia, has announced plans to raise £7million to fund further growth in a bid to target the interactive gambling market, which is expected to touch £5.3 billion by 2006 according to consulting firm Accenture.

The company, which evolved from Edistrict was floated in March 2000. The Alternative Investment Market listed company, operates in three sectors – games and gambling, the public sector, and dating and chat. It is the only interactive TV company to have a presence on all the UK digital platforms – Sky, NTL, Telewest and Freeview – and is working with the Government to develop a way to allow voting in local and regional elections through interactive television.

‘After having acquired two TV channels in recent months – gambling channel Fancy a Flutter and interactive games channel GoPlay, our company needs to start delivering on its existing projects. If we cannot hire staff to develop a Java-enabled technology for our mobile phone division, then we’ll acquire a player,’ said Chairman Michael Sinclair.

YooMedia bought gambling channel Fancy a Flutter for £1m at the start of this month, having bought GoPlay for £6.4m at the end of 2003. GoPlay was bought from Sony in return for a 10% stake in YooMedia.

While the company’s market capitalization has shot up from just £1 million in 2003 to £36 million, YooMedia is still in the red. Posting in a loss of £5.3 million in 2003 on turnover of £743,000, Durlacher analysts expect the business to break even later this year.

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