IMImobile in $13 million VC funding

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.

Nick Britton

Nick was the Managing Editor for growthbusiness.co.uk when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary... More by Nick Britton