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Megastar creator completes successful $3.4M raising - TechInvest Magazine Online

Written by Tech Invest | Nov 29, 2017 1:57:54 PM

MSM Corporation International Limited, creator of the global digital talent show sensation Megastar, has successfully raised A$3.4 million for further product development.

The company received strong support from new and existing institutional investors, as well as strategic investment from US based, EAS Advisors and Doug Barry, major shareholder and Chairman of MSM’s US Operations.

MSM Managing Director, Dion Sullivan, said the successful raising comes on the back of the strong interest in the Megastar competition.

“This injection of funds, particularly from our US based advisors and management is a testament to the team’s enthusiasm for the Megastar model.

“As I’ve highlighted previously, Megastar is the conduit for discovering the entertainment industry’s next real-life megastar.

“We’re excited about the discovery of such or discovering the entertainment industry’s next real-life megastar. We’re excited about the discovery of such an individual propelling the Megastar brand to prominence.”

The funds raised are intended to be used for:

  • advertising and marketing spend to drive user acquisition and engagement;
  • operating expenditure to further enhance the Megastar competition; and
  • general working capital.

Canaccord Genuity (Australia) Limited acted as Lead Manager and bookrunner to the capital raise.

MSMCI’s flagship product is Megastar, a global, mobile-first talent competition, featuring performers of any category, competing to win US$1 million, a role in a film and various other prizes. Winners are chosen by fans voting in the competition through the Megastar App. The first Megastar competition launched in MSMCI’s six core markets with the App available for download from the Apple and Google Stores.

Additional Megastar competitions will subsequently launch in non-English speaking markets via partnering and licensing agreements.