Bank puts $18 million in mobile telcom group
The Raine Group, Joe Ravitch and Jeff Sine’s increasingly high profile boutique merchant bank, led an $18 million investment in Marina del Ray-based mobile telcom group Textplus, the company said Tuesday.Raine, which invests in entertainment, digital media and sports properties, was most recently a lead financial advisor for Softbank in its massive $20 billion acquisition of Sprint announced this week. It advised Dick Clark Productions in its recent sale to Guggenheim Partners and was an investor in the Sony-led consortium that acquired EMI Music Publishing. Raine helped orchestrate the merger of Endeavor and William Morris. It’s a major investor in Gotham’s Vice Media. Previous Textplus investors Kleiner Perkins Caufield Byers, Matrix Partners and GRP Partners have also joined in this fourth round of funding for the company, which was launched in 2009. Proceeds will be used towards international expansion, product development and strategic acquisitions. “Textplus’ unique combination of in-network and out-of-network services creates a strong value proposition for consumers and positions the company to disrupt the world of mobile technology,’ said John Salter, a partner at The Raine Group who will join the Textplus board.
Want Entertainment News First? Sign up for Variety Alerts and Newsletters!