Software company gets £2 million investment

Mar 18 2008

Rapid Mobile Media attracts venture capital backing

A Scottish company which has developed software enabling advertisers to target mobile phone users has received a £2m investment to accelerate the commercialization of its products.

Edinburgh based Rapid Mobile Media is getting backing from US venture capital firm New Enterprise Associates and Alliance Trust Equity Partners.

Existing investors Pentech Ventures and Scottish Enterprise’s Scottish Venture Fund also participated in the funding round.

Mike Ramsay, Venture Partner at NEA who also joins the Rapid Mobile Media Board as investor director, said it offered a unique approach to solving the device diversity issues many organisations face when delivering mobile advertising and services.

“By enabling the rapid deployment and monetisation of services, we believe Rapid Mobile is ideally positioned to achieve significant success in the rapidly growing mobile advertising market – providing for the delivery of high quality display advertisements both within applications and mobile internet sessions," he said.

Dr. Sandy McKinnon, Pentech investment director and Rapid Mobile board member, said: “Pentech see great potential for Rapid
Mobile to play a key role in shaping the multi-billion dollar global mobile advertising market, and we are delighted to be able to continue to provide support to the company to enable their growing commercial successes”.

The company was founded in 2004 by Dr Richard Marshall who has a PhD in computer science from Edinburgh University and the company’s software is based on his ThinkPhone and Active Provisioning Technology.