Rapid Mobile Media Ltd., a Scotland-based provider of mobile advertising and mobile application positioning software, has raised Gbp2 million in second-round funding. New Enterprise Associates led the deal, and was joined by Alliance Trust Equity Partners and return backers Pentech Ventures and Scottish Enterprises' Scottish Venture Fund.
Rapid Mobile Media Ltd, providers of innovative mobile advertising and mobile application provisioning software platforms, today announced the completion of a second investment round of Gbp2m led by US venture capital firm New Enterprise Associates (NEA) who were joined by Alliance Trust Equity Partners (ATEP) as new investors in the company. Existing investors Pentech Ventures and Scottish Enterprise's Scottish Venture Fund also participated in the round.
The new cash investment will provide Rapid Mobile Media with working capital to expand on current successes and accelerate the commercial deployment of its Ad360 mobile advertising platform and Active Provisioning automatic mobile application deployment technology.
“Rapid Mobile offers a unique approach to solving the device diversity issues that many organisations face when delivering mobile advertising and services”, said Mike Ramsay, Venture Partner at NEA who also joins the Rapid Mobile Media Board as Investor Director. “By enabling the rapid deployment and monetisation of services, we believe Rapid Mobile is ideally positioned to achieve significant success in the rapidly growing mobile advertising market