Venture-backed global mobile services company, Quios has ceased its activities and filed for bankruptcy, after it failed to successfully close a third round of funding. The company specialises in mobile media, providing mobile phone users with timely and interactive content services.
Incorporated in October 1998, Quios closed its first round of venture funding of $1.3 million from the FLV fund and a group of private investors. In February 2000, the company received a second round of funding of $16 million. The lead investor in this round, europ@web, a Groupe Arnault company was joined by Draper Fisher Jurvetson, and Integral Capital Partners, both Silicon-valley-based venture capital firms. First round investors also participated.
In the final quarter of last year, FLV fund granted a bridge financing of $1 million. Following the decision to file for bankruptcy FLV Fund will proceed to a full write-down of its stake in Quios for a total amount of $4 million this quarter.