EQO Communications Secures US$9 Million in Series B Funding
REDWOOD CITY, California and VANCOUVER, British Columbia, April 25 /PRNewswire/ --
- Financing round led by Ventures West includes investments from existing investors GrowthWorks and BDC Capital.
EQO Communications, a leading provider of mobile internet phone services, today announced that the company has received a US$9 million Series B financing to fund its global expansion. The financing round was led by Ventures West and included investments from existing investors GrowthWorks and BDC Capital.
"We're ecstatic about having Ventures West on board -- their investment track record over the past 30 years speaks volumes to their confidence in our opportunity," said EQO Chief Executive Officer Bill Tam. "By extending our relationships with GrowthWorks and BDC Capital, in addition to this new partnership with Ventures West, we will be in a great position to expand our product portfolio and fund our global presence with products and services that mobile users will love."
Since its unveiling at DEMO 2006, EQO has established itself as the premier mobile solution for avid users of Skype, AIM, ICQ, MSN Messenger, GoogleTalk and Yahoo! Instant Messenger networks.
"EQO is revolutionizing the mobile experience, bringing the best of the web, Instant Messaging and Voice-over-IP to everyday consumer handsets," said Sam Znaimer, Senior Vice President, Ventures West. "They have a clear vision for Mobile 2.0, galvanized by enthusiastic users around the world."
In addition to using funds to fuel global expansion, EQO will also add depth to their team and invest in new products and services that leverage the company's core value around enhancing the mobile communications experience.
About EQO Communications
EQO Communications is a Vancouver, Canada-based Company focused on changing the landscape and economics of mobile communications for consumers around the world. Applying the business rules of the Internet to mobile services, EQO has developed a revolutionary mobile consumer voice and messaging service that reduces international calling costs and keeps people connected to their friends and contacts from a single phone application. Using a proprietary mobile soft-switch platform and a presence-enabled Voice-over-IP (VoIP) signaling network, EQO is capable of delivering presence-enabled voice calling and instant messaging services to millions of mobile handsets available worldwide. For additional information please visit http://www.eqo.com/.
About Ventures West
Ventures West Management Inc., a private venture capital investment group, is one of Canada's leading investors in early stage technology companies. Since its founding in 1968, Ventures West has formed eight venture capital funds which total over US$700 million and has invested in more than 130 companies. Ventures West has the people, the expertise, and the capital to help entrepreneurs develop emerging technology companies into market leaders. For more information, visit www.ventureswest.com.
GrowthWorks (www.growthworks.ca) is a recognized leader in venture capital fund management with proven experience in the raising and managing of capital. GrowthWorks(TM) managed funds, including the Working Opportunity Fund, GrowthWorks Canadian Fund, GrowthWorks Commercialization Fund, and GrowthWorks Atlantic Venture Fund, have approximately US$800 million in combined assets. GrowthWorks has a team of skilled and knowledgeable investment professionals with a combined 200 years of experience. The Investment team has a proven track record of identifying, analyzing and structuring investments in emerging sectors. GrowthWorks is a registered trademark of GrowthWorks Capital Ltd. For more information, visit www.growthworks.ca.
BDC Venture Capital is a major venture capital investor in Canada, active at every stage of the company's development cycle, from seed through expansion, with a focus on technology-based businesses that have high growth potential and that are positioned to become dominant players in their markets. BDC Venture Capital has been involved in venture capital since 1975 and has to date invested in more than 400 different companies. It currently manages approximately US$500 million in venture capital assets invested in the areas of Life Sciences, Telecommunications, Information Technology, Advanced Technologies and Funds Investments. For more information, visit www.bdc.ca.
Web site: http://www.bdc.ca http://www.growthworks.ca http://www.ventureswest.com http://www.eqo.com
SOURCE EQO Communications
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