Mobile transaction network mBlox has secured a $25 million (14.3 million) funding package to accelerate its new product roll-out and extend its global footprint. The equity investment was led by new investor Trident Capital, a $1.5 billion Silicon Valley Venture Capital Fund, and supported by existing mBlox investors, including BA Venture Partners, Norwest Venture Partners, Novus Ventures and Avanti Capital.
mBlox plans to use the funds for acquisitions in Europe and Asia,
infrastructure advancements, and global expansion of mBloxs mobile
transaction network services. The company will continue to focus on the
transmission, clearing and settlement of transactions on mobile phones
worldwide, rather than the provision or promotion of content.
mBlox provides message delivery and mobile billing services to businesses worldwide. In 2005, the company processed over 1billion mobile business transactions, worth approximately $400 million, extending its direct billing reach to 15 countries, with the launch of new services in Australia, Canada, France, Ireland and Germany,
mBlox also continued to work in close collaboration with the mobile operators to ensure an orderly and secure development of the premium-billed SMS market. In February 2005, mBlox announced a worldwide partnership with MasterCard to support its fraud alerting system, and the Company has seen strong growth in the financial services, transport information, enterprise messaging and entertainment alerts sectors. During the year, mBlox also supported a number of worldwide fund-raising charity text appeals.
mBlox captured the leadership position in the US and Europe for mobile transaction network services in 2005, says mBlox CEO, Jeff Clark (pictured). In 2006, we will expand into new markets and introduce new products for our clients based on our understanding of our customers needs. We are happy to announce this additional financing which will enable us to accelerate our growth plans, and we are proud to have Trident Capital invest in us and bring to us its substantial expertise in billing and payment transaction services.