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Cinexio, the Croatian service formerly known as Cinematic, announces new funding from Bulgarian seed accelerator LAUNCHub, an update to their existing iOS and Android apps, and plans for westward expansion. In total, I am told by LAUNCHub marketing manager Bozhana Ivanova that Cinexio has obtained 130,000 euro from the fund. In commenting on the deal, LAUNCHub partner Stanislav Sirakov says that the startup’s ability to attract a high number of active users and establish a strong growth-rate encouraged the fund to increase their investment total.
We first heard about Cinexio last July, when it was still called Cinematic and had become one of the first teams to complete the LAUNCHub program. Since that initial post, we are told that they obtained 30,000 euro from LAUNCHub in September, launched their service in Bulgaria in December, and have now obtained further funding for expansion into central and western European markets. Having now established a base in the Serbia, Croatia, Slovenia, and Austria, Cinexio now looks to take on the German market. LAUNCHub tells us that users of the app will be able to purchase tickets for every film at theaters from the Kino Arena and Cinema City chains, which are the largest cinema chains in Bulgaria. As the company becomes more established, they will then look to take on smaller chains and adding content-filtering options into their app.
Although we do not have much information about the traction that they have gained, we can tell from their listing in the Google Play store that the app has been downloaded at least 1,000 times (and this does not include iOS downloads) and that versions for both operating systems have solid ratings. In the Google Play store, the app has a rating of 4.7/5 stars from 166 reviews and a 5-star rating from 28 ratings on iTunes. It is admittedly a very small sample size, but the reviews of the service have been very positive thus far.
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