Movirtu, the Cloud Phone™ company and supplier of innovative network infrastructure solutions for mobile operators servicing rural poor communities located in Africa and South Asia, has raised US$5.5 million Series A investment to support its international expansion and extend its product portfolio to high growth applications for developed markets. The investment was led by TLcom Capital LLP with the participation of existing investor Gray Ghost™ DOEN Social Ventures Coöperatief, U.A. Movirtu was advised on the transaction by David Smith, Chris Chrysanthou and Daniel Joll of Fasken Martineau's London office.
Movirtu has established itself as a leading provider of innovative mobile technology and business models to wireless telecommunication service providers. Its award winning mobile phone product Cloud Phone™ works like web based email, allowing subscribers to log in and log out of their mobile phone in the cloud using any readily accessible handset. For just 20c per customer the product currently enables mobile operators to service those living below the poverty line who do not have their own phone. It also provides a single identity solution for people who own multiple SIM cards and devices. Demand for Cloud Phone™ applications also extends to operators in developed markets that have to deal with the growing number of subscribers with multiple mobile numbers and connected devices.
"This investment will play a most significant role in helping us achieve our goals and ambitions", commented Nigel Waller, CEO and Founder of Movirtu. "The financing will enable us to widen our market presence and advance our solution portfolio."