Venture capital firm Beringea has invested in Mophie, a Michigan-based designer and manufacturer of electronic accessories for smartphones and other mobile intelligent devices.
The investment, made through Beringea’s InvestMichigan! Growth Capital Fund, will fund the development of future products as well as bolster the company’s sales and marketing efforts.
Terms of the deal were not disclosed.
Mophie’s product offerings include the Juice Pack line of external power cases, which are compatible with the iPhone, iPod touch and iPad. The company introduced the first-ever "Works With iPhone" portable battery case certified by Apple and has developed the Mophie marketplace, a case fitted with a magnetic strip reader that allows iPhone users to process credit card transactions on-the-go.
Jeff Bocan, managing director of Beringea, says: "Mophie pioneered the peripheral power/intelligent case market segment for smartphones, making the devices more useful and increasing their functionality. As smartphones become ubiquitous, both in the US and abroad, we are confident in the mophie team’s ability, ingenuity and innovative product pipeline to increase its market-leading position in this large, rapidly growing market."
Daniel Huang, chief executive of Mophie, adds: "Partnering with Beringea is very exciting as it helps us to continue our path of growth in the smartphone market while also maintaining our strong ties to the state of Michigan."