Axon subscribes to €2m Wuaki.tv round

The venture capital firm, which approached the business directly, was attracted to Wuaki.tv by its management team and technology, as well as by the strength of its contracts and its relationships with a number of large companies and factories.

Bonsai Venture Capital and the company's existing shareholders – who include Marc Ingla (shareholder of Nauta Capital) and members of the ESADE BAN business angel network – also subscribed to the round.

Wuaki.tv sees as a positive the fact that Netflix, the American media streaming provider, is not scheduled to arrive in Spain until mid to late 2012. This may allow the business to establish itself as a leader in the local market in the meantime.

The company, which had previously received investment from business angels, plans to use its new cash to boost its marketing efforts. It is hoping to raise a further €10-15m of equity by carrying out another capital increase in 2012.

Company
Wuaki.tv is a web-based service that allows customers to rent films online. It was founded in conjunction with technology firm NicePeopleAtWork in 2009 and is based in Barcelona's 22@ technology park.

People
Founding partner Alfonso León led the deal for Axon. Josep Mitjà and Jacinto Roca are the co-founders of Wuaki.tv. Roca is the company's CEO.

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• Topics
• Southern Europe
• Expansion
• Consumer
• Spain