Movirtu, The Cloud Phone™ Company Raises $5.5 Million

Series A Investment will Support International Expansion and Extension of the Cloud Phone™ Product Portfolio

LONDON, UK November 11, 2010 – Movirtu, the Cloud Phone™ company and supplier of innovative network infrastructure solutions for mobile operators servicing rural poor communities located in Africa and South Asia, today announced it has raised US$5.5 million Series A investment to support its international expansion and extend its product portfolio to high growth applications for developed markets. The investment was led by TLcom Capital LLP with the participation of existing investor Gray Ghost™ DOEN Social Ventures Coöperatief, U.A. TLcom Capital’s Managing Partner, Maurizio Caio, has been appointed to Movirtu’s Board of Directors.

Movirtu has established itself as a leading provider of innovative mobile technology and business models to wireless telecommunication service providers. Its award winning mobile phone product Cloud Phone™ works like web based email, allowing subscribers to log in and log out of their mobile phone in the cloud using any readily accessible handset. For just 20c per customer the product currently enables mobile operators to service those living below the poverty line who do not have their own phone. It also provides a single identity solution for people who own multiple SIM cards and devices. Demand for Cloud Phone™ applications also extends to operators in developed markets that have to deal with the growing number of subscribers with multiple mobile numbers and connected devices.

“This investment will play a most significant role in helping us achieve our goals and ambitions”, commented Nigel Waller, CEO and Founder of Movirtu. “The financing will enable us to widen our market presence and advance our solution portfolio.”

Maurizio Caio, Managing Partner of TLcom, said, “Movirtu is attacking a fast growing and highly profitable global opportunity with a unique solution and a first class team. We are very excited to support the company in pursuing its upside potential in emerging as well as developed markets.”
About TLcom Capital LLP
TLcom Capital LLP is a London-based venture capital firm investing since 1999 in Telecom, Media and Technology companies across Europe and Israel. TLcom currently manages or advises assets in excess of €200 million, including the TLcom I and the TLcom II funds, as well as other technology portfolios. TLcom primarily targets companies in the following industry segments: mobile; digital media; internet protocol (IP) technologies and services; broadband based network architecture and service platforms; semiconductors and materials; web based applications, services and technologies. www.tlcom.co.uk

About Gray Ghost™ DOEN Social Ventures Coöperatief, U.A.
Gray Ghost™ DOEN Coöperatief, U.A., is a Dutch-based leading impact investment fund focused on early-stage enterprises in the developing world that use innovative applications of existing technology to address the needs of poor populations. Launched in 2009 with leading founding investors Gray Ghost™ Ventures and the DOEN Foundation, Gray Ghost™ DOEN is especially active in India and South Asia focused on investments in the Information and Communications Technology and Technology-Enabled Services sectors. www.grayghostventures.com/doen.htm

About Movirtu
Movirtu is a leading provider of mobile identity solutions to wireless telecommunication service providers. Its award winning Cloud Phone™ software enables mobile operators to service the 1 billion people who earn less than $2 a day, living in rural poor communities in Sub-Sahara Africa and South Asia, who do not own their own handset or identity and share phones. Movirtu’s solutions also bring mobile banking services to those without a handset, SIM card or bank account and personalized information services to such users. Demand for Cloud Phone™ applications also extends to the 1 billion people who own more than one SIM card living in developed markets. Movirtu is a private company, headquartered in London, UK with offices in Centurion, South Africa. www.movirtu.com

Media Contact:
Julia Simonova Lopez
Marketing Manager
Movirtu Limited
T: +44 20 7043 1131
julia[at]movirtu[dot]com

Follow Us!

CloudTweaks

Established in 2009, CloudTweaks.com is recognized as one of the leading authorities in cloud computing information. Most of the excellent CloudTweaks articles are provided by our own paid writers, with a small percentage provided by guest authors from around the globe, including CEOs, CIOs, Technology bloggers and Cloud enthusiasts. Our goal is to continue to build a growing community offering the best in-depth articles, interviews, event listings, whitepapers, infographics and much more...
Follow Us!

Sorry, comments are closed for this post.

Comics

At CloudTweaks, we're plugged into the cloud, the internet of things and all that the web has to offer. From wearable technology, to mobile computing, cloud computing and big data, CloudTweaks is your source for updates and news on the most innovative technology.

Popular

Top Viral Impact

Cloud Infographic – What Is The Internet of Things?

Cloud Infographic – What Is The Internet of Things?

What Is The Internet of Things? “We’re still in the first minutes of the first day of the Internet revolution.”  – Scott Cook The Internet of Things (IOT) and Smart Systems are based on the notions of Sensors, Connectivity, People and Processes. We are creating a new world to view and measure anything around us through…

Cloud Infographic: Corporate IT Security Stats

Cloud Infographic: Corporate IT Security Stats

Cloud Infographic: Corporate IT Security Stats Each week on CloudTweaks we provide a few shoutouts to companies who provide engaging and interesting infographics that reflect our readers interests.  In this case, we have an excellent infographic provided by the team at arellia.com which takes a closer look at cyber-security and some of the biggest malware threats…

Cloud Infographic – The Power Of Cloud Disaster Recovery

Cloud Infographic – The Power Of Cloud Disaster Recovery

Cloud Infographic – The Power Of Cloud Disaster Recovery Preventing a Cloud Disaster is one thing. Recovering from a disaster is a whole other area of concern. Today’s infographic provided by CloudVelox outlines some best practices and safeguards in order to help your business make more informed decisions. About Latest Posts Follow Us!CloudTweaksEstablished in 2009,…

Cloud Infographic – Cyber Security And The New Frontier

Cloud Infographic – Cyber Security And The New Frontier

Cyber Security: The New Frontier The security environment of the 21st century is constantly evolving, and it’s difficult to predict where the next threats and dangers will come from. But one thing is clear: the ever-expanding frontier of digital space will continue to present firms and governments with security challenges. From politically-motivated Denial-of-Service attacks to…

PaaS And IaaS: Rising Champions Of Cloud Computing

PaaS And IaaS: Rising Champions Of Cloud Computing

PaaS and IaaS: Rising Champions of Cloud Computing In the cloud conversation, Platform as a Service (PaaS) and Infrastructure as a Service (IaaS) appear much less than the famed Software as a Service (SaaS). This is not surprising when you consider that a world already populated with built platforms and infrastructure has but to operate…

Featured Sponsors

The Internet of Everything Opens Up The World

The Internet of Everything Opens Up The World

Shaping The World With New Technologies As a connected collection of intelligent objects, the Internet of Everything promises to open up those areas of the world hardest hit by economic, political and agricultural blights. Relatively inexpensive devices, paired with revolutionary energy sources and unprecedented access to information offer great promise to farmers and workers in…

2015 Advertising Opportunities - Find Out More!

Cloud Logo Sponsors

hp Logo CityCloud-PoweredByOpenstack-Bluesquare_logo_100x100-01
cisco_logo_100x100 vmware citrix100

Established in 2009, CloudTweaks is recognized as one of the leading influencers in cloud computing, big data and internet of things (IoT) information. Our goal is to continue to build our growing information portal, by providing the best in-depth articles, interviews, event listings, whitepapers, infographics and much more.

Contact

CloudTweaks Media
Phone: 1 (212) 763-0021

Join Our Newsletter