Itsmobile secures first round funding

By
Brad Meikle
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Investee Company – Itsmobile Ltd (Ireland)

Investee Company Business Type – Develops mCommerce services for delivery through cellular operators and mobile ISPs

Type of Financing – Start up

Equity Providers – Commercial Capital Group (CCG)

Equity Leader (Individual) – Stefanos Capsaskis, Commercial Capital Group (CCG)

Debt Providers – N/A

Debt Type – N/A

Debt Leader (Individual) – N/A

Equity Amount – euro2.5 million

Total Deal Value – euro2.5 million

Other Advisors – ION Equity

Comments – Itsmobile, the Dublin-based wireless developer, has received euro2.5 million in a first round of funding from Athens-based venture capital firm, Commercial Capital Group (CCG).

Currently comprising six people, the company is looking to use the money to fund R&D projects, marketing and to hire 12 additional members of staff.

Founded in January 2000 by Kieran McCrea and Donald McGuinness, who provided original funding with some private investment, Itsmobile is focused on developing payment applications for mobile phones which enable consumers to pay for tickets, vending machines and parking via all wireless network standards from hand held devices.

To date the company has launched the first web and WAP ticket booking application in an Irish cinema, signed an $8.2 million deal with Swedish company Unwire AB in an effort to allow consumers to purchase from vending machines using their mobile phones, as well as negotiating a contract to supply applications to Canadian car parks.

Following the investment round the company is now looking to increase its staff to 18 people while consolidating Itsmobile R&D and marketing objectives.

CCG was the sole investor in the round. Stefanos Capsaskis, director of CCG, said: “CCG was impressed by Itsmobile’s innovation and success to date and the partnerships it had built with leading companies. Most of all, we were impressed by its vision of bringing immediately useful applications to market.”

The company expects to be profitable by the close of 2002.