The Creative Capital Fund (CCF) is delighted to announce the completion in April 2006 of its investment in Cycling Television Limited (cycling.tv).
Cycling.tv is a new internet television service for cycling enthusiasts (cycling.tv) accessible on most broadband connections. It offers an international audience of millions of cycling enthusiasts live access to many of the world’s greatest cycling races and other high-profile cycling events. There are four free channels and three for subscription; subscribers enjoy the full range of channels which include daily news and commentary on the races, other cycling events, personalities and products. Cycling.tv’s offices and TV studio are in Warple Way, WestLondon.
In 2006, cycling.tv has broadcast the world’s most famous one-day races, including Paris-Roubaix, Liege-Bastogne-Liege, Fleche Wallonne, the Amstel Gold Race and Gent-Wevelgem. On 6 May it begins twenty days’ coverage to the USA of the Giro d’Italia, the second most important race in the cycling calendar, under a partnership agreement with the American TV company Outdoor Life Network.
The Funding
CCF has invested £75,000 out of a total of £230,000 in new equity for the business. The balance of the funding has come from private investors who include the founders, new managers and “business angels”.
Fred Mendelsohn, Chairman of the CCF, commented: “Cycling.tv is an exciting, scaleable, breaking new media business and CCF is delighted to be investing in it. As well as providing funding, CCF has catalysed the interest of a wider group of investors and has used its contacts to help strengthen the company’s Board. We aim to support cycling.tv’s growth in this challenging new phase of its development.”
Simon Brydon, founder of cycling.tv, said: “The market response to what cycling.tv offers has been hugely exciting. Devotees of cycling can now have dedicated, continuous TV access to the world’s best cycling races and news, and much more besides, for an introductory price of just £20 a year – less than the cost of a typical magazine subscription. Broadband television is the broadcasting medium of the future and we are pioneers in the field.”