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
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
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