Hantro secures euro3.5 million for expansion

Investee Company & Country – Hantro Products (Finland)

Investee Company Business Type – Wireless Multimedia Company

Type of Financing – Expansion

Equity Providers – 2M Invest, Nexit Ventures and Menire Oyj

Equity Leader (Individual) – N/A

Debt Providers – N/A

Debt Type – N/A

Debt Leader (Individual) – N/A

Equity Amount – N/A

Total Deal Value – euro3.48 million

Other Advisors – N/A

Comments – Hantro Products, a developer of solutions for transferring video data between wireless multimedia terminals, has secured euro3.48 million in its latest round of financing.

Nexit Ventures and 2M Invest have already committed euro1.74 million, while Menire Oyj has the right to participate in the second tranche of the commitment, to be closed on 31 October. As part of the agreement, both Menire and Nexit Ventures will be able to convert their outstanding convertible loans each amounting to euro1 million, into ownership of Hantro.

Following this financing round, Menire will own between 10% and 23.4% of Hantro, depending on how other investors participate in the round and whether Menire decides to invest at the 31 October closing.

Hantro was founded in 1992 and is based in Oulu, Finland. The company forms part of Menire’s portfolio, that is managed by 2M Invest. In January 2001, Menire Advisors Oy, a management company for two funds including Menire Oyj, was acquired by 2M Invest and re-named 2M Invest Finland Oy. Following the acquisition, 2M Invest took control of the investment activities and administration of these funds, and now has access to their portfolio companies one of which is Hantro.