Always nice to have active investors at events – Movirtu Raises $5.5 Million from TLCom

A very lively evening last night at our first BLN Mobile discussion dinner. A stunning line up of company CEOs and some active investors in the space. Themes explored included mobile payments in the developing world, mobile and the cloud, merger and acquisition opportunities and just to prove how on the money he is, Mauro from TLCom sends news of his latest investment today.

Movirtu Logo

Series A Investment will Support International Expansion and Extension of the Cloud Phone™ Product Portfolio Movirtu, (Strapline – mobile for the next billion), 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.” From TLCom.

I took the opportunity to solicit advice about my next phone. People giggled when I said I was thinking about a Windows based device. It looks like Microsoft has a little way to go before it is accepted by the industry although there is clearly a rapidly expanding developer community emerging.