Boost Communications raises GBP1m from Investinor and NIK
Boost Communications has raised an additional GBP1m in funding from Norwegian state-owned venture capital fund Investinor and the private venture capital fund Norsk Innvasjonskapital (NIK), following the previous GBP3.7m 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.
Øystein Skiri, founder and CEO at Boost Communications, says: “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 per cent YOY.”
Rune Rinnan, managing partner and founder of TeleVenture, says: “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 NIK, led by TeleVenture Management, has invested over GBP4.m in Boost Communications since 2012.
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