LOS GATOS, Calif. — DVDPlay Inc., manufacturer and operator of DVD rental kiosks, announced in a news release that it rented its 5 millionth DVD movie. All DVDPlay new release and top-hit movies rent from $1 to $1.49, depending on kiosk location. First-time rental is free.
"We reached the 4 million rental mark on Dec. 19, 2005, the 5 million mark on June 15, 2006, and we expect to hit 10 million rentals by year-end," said Chuck Berger, chairman and chief executive of DVDPlay. "Our automated kiosks are rapidly gaining traction in retail stores, and consumer acceptance has surpassed even our most optimistic plans."
The company also announced that it raised more than $20 million in new equity financing. El Dorado Ventures, Emergence Capital Partners, Palo Alto Venture Partners and Vanguard Ventures participated equally in the funding.
To date, DVDPlay has raised nearly $40 million in equity financing. The new financing will be used to fund DVDPlay's national rollout of DVD rental kiosks. DVDPlay has secured lease-financing commitments to support installations through 2007.
