Echovox Raises $5M

Echovox secures $5M investment from Newbury Ventures; managing partner Ossama Hassanein joins Echovox board as non-executive chairman

July 21, 2005

2 Min Read

GENEVA -- Echovox, a pioneer in the delivery and monetisation of mobile content, applications and services, has secured $5million in funding from Newbury Ventures, a private venture capital partnership focusing on technology companies throughout the world. This investment will pave the way for Echovox to double its revenues in the next year by broadening its successful pan-European operations. In addition, Dr. Ossama Hassanein, Managing Partner at Newbury Ventures will be joining the Echovox board as non-executive chairman.

Drawn by Echovox’s proven track record in premium mobile content services, Newbury Ventures will help Echovox enter a new phase of its development. The funds from Newbury will be focused on accelerating Echovox’s development of next-generation premium mobile data infrastructures in addition to opening new offices across Europe to add to existing bases in the UK and Geneva. The first of these offices will be opened in Paris by the end of the year.

Since its launch in 2000, Echovox has developed and implemented mobile billing and content delivery solutions for a number of key clients including Reuters, M6, RTL Group, Nestlé and le Temps. Echovox’s proprietary network infrastructure, ICON, (Inter Carrier Open Network) delivers and bills mobile content to more than 230 million mobile subscribers. With a heavy focus on research, Echovox will be harnessing the additional funds to cement its position at the forefront of premium mobile content infrastructures and solutions.

David Marcus, founder and CEO of Echovox said: “This vote of confidence from a leading Silicon Valley venture capital firm will enable us to consolidate our leading position in the mobile content market, which is set to grow from $3bn in Europe last year to over $59bn globally in 2009 according to Ovum and Juniper. I’m thrilled to now have the means to aggressively roll-out our strategy in this exploding market and to welcome Ossama Hassanein and his unique experience to the Board.”

Ossama Hassanein, Managing Partner at Newbury Ventures commented: “Echovox’s outstanding leadership team, its premium mobile content delivery infrastructure and its extensive catalogue of turnkey mobile applications combine to make the company stand out from the mobile data crowd in Europe. We trust the company has the right ingredients to make it one of the leading players in this exciting space in coming years.”

Echovox SA

Subscribe and receive the latest news from the industry.
Join 62,000+ members. Yes it's completely free.

You May Also Like