Upstream Telecommunications and Software Systems, a global player in mobile value added services, has raised a growth capital investment of EUR11m, co-led by TLcom Capital based in Lond
Upstream Telecommunications and Software Systems, a global player in mobile value added services, has raised a growth capital investment of EUR11m, co-led by TLcom Capital based in London and Alpha Ventures, a private equity firm in Greece.
Since its inception in 2002, Upstream has been one of the fastest growing companies in the mobile services sector with 2008 revenues exceeding EUR38m. The company’s focus and main growth driver has been large scale mobile promotions for mobile operators and multinational brands.
The mobile marketing industry is set to grow significantly in the next four years and revenues are expected to reach USD24bn in 2013, from USD1.8bn in 2007/08.
Marco Veremis, chairman of the board of Upstream, says: ‘We are delighted to have both TLcom Capital and Alpha Ventures as partners at this stage of rapid growth for the company. Their investment will assist us significantly in meeting the growing demand for Upstream’s services from existing and new customers. In addition, their respective experience and expertise, will be important to us in reaching our goal of placing the company at the forefront of innovation and sustainable leadership in the mobile marketing space.’
Mauro Pretolani, general partner of TLcom Capital, says: ‘Upstream is a strong innovator in the international Mobile Value Added Services market, where the company has been able to offer new services to consumers while engaging the operators with innovative business models that are well suited to the operators’ needs of limiting investments and risks, a factor more relevant than ever in this difficult economic climate. TLcom is pleased to be able to participate to the fast growth that the company is experiencing and will support the company along the path that leads to global leadership.’
