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Voddler sets sights on Finland following new investment

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Voddler sets sights on Finland following new investment
11:09 CEST+02:00
Swedish online video service Voddler has completed a private placement share issue injecting an additional 40 million kronor ($5.51 million) in new capital into the company.

In addition to private individuals, Finnish telecom group Elisa is also involved in the investment.

At the same time, Elisa and Voddler have signed a cooperation agreement to bring Voddler to the Finnish market. Elisa has the exclusive rights to offer its customers invitations to use Voddler.

Voddler's management remain confident that the company will reach profitability in Scandinavia by the first half of 2011.

"The money has not run out. Funds remain from past investments," said Anders Sjöman, communications director at Voddler. "The new funds will above all be for making the technology even more secure and looking towards new markets."

Voddler has about 720,000 registered users. Of the 2,500 titles that Voddler carries, over 80 percent are free, financed by ads shown before the feature program. So far this year, Voddler users have watched close to 4 million films.

Voddler is available to anyone in Sweden and Norway and currently on an invitation-only basis in Finland and Denmark.

"The goal remains clear and this money will take us a little way towards that goal," said Sjöman. "However, above all, the funds will go towards the further development of the basic service."

The company is privately owned and unaffiliated to the film and media industries. Among Voddler's owners and investors are the founders, employees, management, Equitec Partners and a number of private investors.

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