zamano, a Dublin, EIRE-based provider of interactive applications and services to mobile devices, is raising €2.5m (for a 14.6% stakeholding) in equity financing from The Ulster Bank Diageo Venture Fund, which is managed by NCB Ventures.
The new capital will be used to develop smartphone applications, expand into new overseas markets and strengthen its balance sheet.
According to John O’Shea, CEO of zamano, “The funding will put zamano in a strong position as we enter 2010, with a strengthened balance sheet and the capacity to execute our strategy in an exciting new market for the Group. We look forward to working with The Ulster Bank Diageo Venture Fund, and our existing shareholders, to take the Group to the next stage of its development”
zamano, which employs 55 people in Dublin and London, provides content, interactive services and applications to mobile devices. It sells its content directly to consumers by advertising it on market channels such as online and mobile portals and by placing adverts on TV and in print media. In addition, zamano offers solutions, including mobile messaging, billing, applications and WAP services to business partners wishing to interact with consumers on their mobiles.