“We did have some contacts with private investors and private equity investment houses but it’s predominantly the VC community we went too,” Copp says. “We have experience of the community, we had a previous VC round of funding and I think the nature of the company and the kind of returns we provide mean we’re more suited to VC investment.”
While Copp admits finding funding is “always difficult”, the mobile phone technology company didn’t have too much trouble in the end. “I think we have a very compelling proposition in terms of the business and the value we can generate in the business,” he notes.
Rapid Mobile Media took investment from four different VCs led by a “huge US-based VC called New Enterprise Associates”. According to Copp, the money will provide financial backing to plans to “accelerate our approach to the market”.
Rapid Mobile Media also recently appointed a chairman to help advise management on the best way to get ahead.
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