Movirtu, a supplier of network infrastructure solutions for mobile operators servicing rural poor communities in Africa and South Asia, has raised USD5.5m series A investment to support its expansion and extend its product portfolio to high growth applications for developed markets.
The investment was led by TLcom Capital with the participation of existing investor Gray Ghost DOEN Social Ventures Coöperatief.
TLcom Capital’s managing partner, Maurizio Caio, has been appointed to Movirtu’s board of directors.
Movirtu provides mobile technology and business models to wireless telecommunication service providers. Its mobile phone product Cloud Phone works like web based email, allowing subscribers to log in and log out of their mobile phone in the cloud using any readily accessible handset.
“This investment will play a most significant role in helping us achieve our goals and ambitions,” says Nigel Waller, chief executive and founder of Movirtu. “The financing will enable us to widen our market presence and advance our solution portfolio.”
Caio adds: “Movirtu is attacking a fast growing and highly profitable global opportunity with a unique solution and a first class team. We are very excited to support the company in pursuing its upside potential in emerging as well as developed markets.”
