Investee Company – 3G LAB Ltd
Investee Company Business Type – Developer of software for Third Generation (3G) mobile networks and devices
Type of Financing – Expansion
Equity Providers – 3i Group plc
Equity Leader (Individual) – Laurence Garrett of 3i Group plc
Debt Providers – N/A
Debt Type – N/A
Debt Leader (Individual) – N/A
Equity Amount – £3 million
Total Deal Value – £3 million
Other Advisors – KPMG
Comments – 3G LAB Ltd, a UK based developer of software for Third Generation (3G) mobile networks and devices, has received a £3 million second round of financing from European venture capital company 3i.
3G LAB, founded in March 2000, focuses on the development of applications and infrastructure software primarily for the 3G wireless markets, and server-side software for 2.5G markets. The company also provides consultancy on custom software development and related services to 3G network operators, mobile content providers and mobile device manufacturers.
3i, which also provided the initial funding in 3G LAB, has helped the expansion of the business by introducing key corporate relationships while also aiding in the recruitment of the chairman Edward Astle. This further funding from 3i will allow 3G LAB to continue the development of their products and services.
Laurence Garrett of 3i’s communications team, who lead the deal, commented: “Mobile operators are desperate to justify the expenditure on 3G licences by offering interesting and workable applications on the new platform. 3G LAB are in the forefront of offering open platform software applications to enable the operators to maximise the opportunity of wireless internet, and the team is in the process of building an outstanding wireless software company”.