A company that provides services to mobile operators and media companies has raised $13 million (£7.8 million) for expansion.

A company that provides services to mobile operators and media companies has raised $13 million (£7.8 million) to fund organic and acquisitive growth.

IMImobile, a specialist in mobile advertising, messaging platforms and music download technology, secured the money from investors led by venture capital (VC) firm Sequoia Capital India, as well as New York-based FirstMark Capital, an existing backer.

London-based SPARK Ventures, which holds a 28 per cent stake in IMImobile following this round of financing, did not participate. The firm estimates its stake in the company is now worth £13 million, which would value IMImobile at £46 million.

Jay Patel, director of SPARK and board member of IMImobile, says, ‘The financing will help the business consolidate a fragmented sector and, we hope, accelerate strategic acquisitions.’

IMImobile has offices in Asia, Europe, Latin America and the Middle East and its clients include Airtel, Vodafone, Google and Reuters.