Jay Roberge, who heads up mobile messaging company MovaMail, which specialises in email applications for mobile phones, reveals the company has declined advances from VCs in the US, preferring to try and secure a London deal.

Jay Roberge, who heads up mobile messaging company MovaMail, which specialises in email applications for mobile phones, reveals the company has declined advances from VCs in the US, preferring to try and secure a London deal.

He says: ‘We are in discussions with a number of VCs in San Francisco, Boston and London. The US side is more aggressive with larger amounts available at the early stage and higher valuations.

‘However, it is actually our preference to do a deal with a VC in London as we intend to move HQ to Europe where there is better proximity to our customers and a more vibrant mobile industry for downloadable Java applications.’

Launched in October 2005, MovaMail, which has offices in Seattle and London, claims its applications have already been downloaded over three million times with users in more than 200 countries. Roberge notes that while the UK market may be more suitable for the company’s strategy, the VC market in North America is resurgent.

‘In the US and Canada evaluations are appreciating and terms are loosening. Start-ups are again seeing evaluations North of $10 million (£5 million) pre-money, based on a business plan,’ he says.