Mobile communications company Palringo has secured funding of £2.4 million from five venture capital (VC) firms to help launch its platform for next-generation mobile messaging globally. Among the investors was ePlanet Ventures, which led the new deal alongside NTEC, each contributing £600,000.

Mobile communications company Palringo has secured funding of £2.4 million from five venture capital (VC) firms to help launch its platform for next-generation mobile messaging globally. Among the investors was ePlanet Ventures, which led the new deal alongside NTEC, each contributing £600,000.

Palringo also received £400,000 backing from each of its existing co-investors, Esther Finance, NorthStar Equity Investors (NSEI) and Prime Technology Ventures.

Based in Northumberland, Palringo was founded in 2006 by local entrepreneur Martin Rosinski. The company claims to have extended the notion of ‘instant messaging’ by developing software that transforms an ordinary mobile phone into a walkie-talkie at the touch of a button.

NSEI contributed to the original funding round worth £650,000 from its Co-Investment Fund (CoIF) last year, allowing the company to build a core development team, conduct consumer trails and move into new premises.

NSEI investment manager Alasdair Greig observes, ‘Palringo has made tremendous progress over the past year, overcoming many of the issues that make development for the mobile industry so difficult.’