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DN Capital invests in smartphone solutions provider Apsmart

DN Capital, a media and technology early stage and growth capital investor, has invested in Apsmart, a provider of solutions for the rapidly expanding smartphone market.

Apsmart is a professional service and solution provider for high-end smartphone platforms and develops applications for organisations seeking to execute products on mobile devices.

Apsmart also crafts its own concepts and creates business and consumer applications for this increasingly important digital channel, targeting iPhone, Android, RIM and other devices.

DN Capital has a longstanding relationship with Rahul Powar, founder and chief executive at Apsmart, and has worked closely with him to establish the business and to finance his growth plans. As one of the developers at leading music discovery engine Shazam, Powar was involved in the smartphone application from an early stage.

DN Capital is an active investor in the mobile application space, and to date has invested in Shazam and other mobile phone application vendors such as Digital Chocolate, a publisher of Omni games, and More Magic, the company that allows operators, content providers and banks to offer consumers the ability to purchase goods and services on demand using a mobile phone or the web.

Nenad Marovac, founding partner at DN Capital, says: "Apsmart represents a tremendous market opportunity and the company already has numerous customers as well as an exciting pipeline for future growth. The investment reflects our belief in the mobile application space and we are pleased to have helped to establish Apsmart together with Rahul."

Powar adds: “The DN Capital team understands the smartphone solution market and together we have created Apsmart to exploit the opportunities we see for service delivery and application development. We look forward to working with the team to support our growth and expansion strategy."

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