Shares in InternetQ (INTQ) climbed 6 per cent after the mobile marketer raised €17m (£12.2m) for its Akazoo music streaming service from private equity investors Toscafund and Penta Capital. It has also teamed up with R&R Music, a music recommendation and user-profiling technology group helmed by ex-EMI chief Eric Nicolo. InternetQ will hold around a 69 per cent stake of the enlarged business, which is valued at €104m.
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Management plans to use the new funds to launch Akazoo in new territories. It expects R&R's technology to improve the platform's targeting of users and music delivery. Broker Canaccord Genuity expects InternetQ to post EPS of 43¢ this financial year (FY 2015: 32¢).
