By Gavin Gibbon
Dubai-based content marketplace is looking to raise around $350,000 through crowdfunding platform Eureeca.com
B2B content marketplace start-up Mena.tv is offering its shares to the public – almost ten percent of the company.
The Dubai-based company, which helps television channels and streaming networks connect with producers and distributors of TV shows, is looking to raise in the region of $350,000 through the global equity crowdfunding platform Eureeca.com.
Nick Grande, CEO, Mena.tv, said: “We are raising funds on Eureeca.com to allow us to invest in the platform and develop a robust and feature-rich user experience that will allow buyers and sellers to get everything they need without any handholding.”
There are over 1,000 MENA buyers in the TV content industry spending more than $3 billion-a-year on content.
In its first two years in operation, Mena.tv has attracted over 650 content buyers and showcases content from more than 40 producers including Discovery, Viacom, Rotana and Cedars Art Productions.
Grande said: “Current market conditions are reminiscent of the retail property market before the launch of digital marketplaces such as Propertyfinder and Rightmove. Nowadays it’s easy to forget that buying a house used to mean visiting every real estate agent in town.
“When it comes to buying TV shows, there are over 6,000 producers and distributors around the world that you can acquire shows from. Without the search and comparison tools offered by a digital marketplace, buyers from TV and streaming networks are forced to rely on habits and opinions to make their purchasing decisions.”
The National Association of Broadcasters (NAB), which was due to take place in April, on Thursday cancelled its annual convention in Las Vegas as a result of the coronavirus.
“The current investor climate is very tough, but MENA investors might see a speculative advantage in an investment like mena.tv if it is presented in the context of the deferral/cancellation of trade shows; limitations on business travel; and increased consumer consumption of TV/streaming as more people stay at home,” said Grande.
Licensed by the UK Financial Services Authority (FSA), Eureeca.com is a global equity crowdfunding platform, which has helped dozens of regional start-ups such as the online shopping marketplace El Grocer to attract seed funding.