Boost Communications said Monday that it has closed an additional 1 million pounds in funding. The backers included Investinor and NIK. Based in Norway, Boost Communications is a provider of mobile advertising solutions to media brands.
BARCELONA, Spain, Feb. 24, 2014 /PRNewswire/ — Boost Communications today announced that it has raised an additional £1million in funding from Norwegian state-owned venture capital fund Investinor and the private venture capital fund Norsk Innovasjonskapital (NIK), following the previous £3.7million invested between 2012 and 2013.
A leading player in the mobile web and marketing space, Boost Communications was established in Norway in 2000 and produces software that makes it easier to succeed in mobile advertising and marketing. Boost assists large international agencies and brands in producing mobile campaigns, media buying and reporting, which has resulted in strong, organic growth and international expansion across Europe and the Middle East; opening up offices in London and Krakow in 2013.
Since launching its London office a year ago, Boost has seen strong interest from major international brands seeking its mobile advertising expertise. In addition, Boost’s Dubai office has been expanding throughout the year emphasised by hiring two additional seasoned mobile advertising professionals in January 2014. Boost will be using the new round of investment to expand its footprint in both territories.
Oystein Skiri, Founder and CEO at Boost Communications said: “Boost has invested into positioning the company over the last two years, and having used organic funds to do so, with the latest funding, we have secured the needed working capital to again become profitable in 2014, in combination with an expected revenue growth of over 40% YOY.”
Managing Partner and Founder Rune Rinnan of TeleVenture commented: “The company is now very well positioned to combine solid growth with profitability within the highly interesting mobile advertising sector internationally. Having tracked the company’s success and progress over the last few years, this additional funding will help the team to accelerate the growth within its main focus areas and markets.”
With this additional funding, state-owned venture capital fund Investinor and the private venture capital fund Norsk Innovasjonskapital (NIK), led by TeleVenture Management, has invested over £4.m in Boost Communications since 2012.
The Boost Communications group consists of two companies; Boost Communications with a 75% stake in Boostcom Media. Boost Communications focuses on delivering software and services for mobile campaigning. The innovative Madmaker™ platform makes it easy for any publisher or marketer to produce rich media mobile banners and mobile landing pages in “less than 5 minutes”. In addition Boost has a proven track record in serving brands and agencies needing a strong partner for mobile campaign production, media buying, optimisation and reporting.
Boost works with international brands like Telenor, Etisalat, Perform Group, Manchester City Football Club and Starcom, to name a few. Boostcom Media powers the customer loyalty clubs for digital marketing for some 150 shopping malls in the Nordics, with an especially strong position in Norway where the company has over 90% market share.
Oystein and the Boost Communications team are at Mobile World Congress in Hall 7 on stand K68, should you wish to meet and talk more about the work it does for brands across the globe.
About Norsk Innovasjonskapital
Norsk Innovasjonskapital (NIK) was incorporated in August 2010 as a private limited company pursuant to the Norwegian Private Limited Companies Act. NIK is led by TeleVenture Management and is one of the leading venture capital companies in Norway and currently manages an extensive portfolio of companies focusing on Industry, Energy, Oil & Gas, ICT and Life Science. http://www.televenture.no
Investinor is an evergreen investment company funded by the Norwegian government. It invests in promising unlisted (private) companies aiming for international growth and expansion. http://en.investinor.no
About Boost Communications
Boost Communications was established in 2000 as a spin-off from the Norwegian University of Science and Technology, and the company has grown to become a preferred supplier of mobile Internet and advertising solutions to some of the strongest media companies, mobile operators and advertising brands on the international arena.