Mobile marketing firm Brandtone has raised €18.5m (£13.5m) in debt and equity financing with the aim of funding expansion into new markets and sectors, and further developing its offering to meet the needs of the rapid evolving mobile marketplace.
The funding comes largely from US-based Ares Capital Corporation, who have invested around €12m, with existing shareholders Unilever, Syngenta, Verlinvest and Vision Private Equity investing a further €6.5m collectively in equity.
Brandtone, which focuses on mobile marketing in developing and emerging markets, will use the funding to support its expansion in South East Asia, as well as strengthening its operations in Africa and Latin America. The company aims to engage with 10 per cent of households in the 20 fastest growing emerging markets by 2017.
The funding will also support the company's entry into new sectors, including the agri-food and healthcare verticals, as well as enabling it to invest in the leadership and innovation necessary to operate in such a rapidly changing market.
"We see this funding as a strong vote of confidence in the company," said Donald Fitzmaurice, founder and CEO of Brandtone. "Ares' decision to provide financing, along with further backing from existing investors, is an endorsement of the company's vision and strategy for growth. The move from equity to debt financing is also evidence of Brandtone's on-going transition from start-up to grow-up."