Orange Ventures backs Openet
International venture capital firms Orange Ventures and SAIC Venture Capital have backed a $15m fundraising round for Openet Telecom, an Irish telecom software business. Previous investors in the company include Cross Atlantic Capital Partners and Benchmark, which invested more than $20m to take a 20 per cent stake in Openet in 2001.
The company says that the fundraising will be used to continue the company’s global expansion as it seeks to attract business away from the larger telecom operators. The company also says that it is set to announce a significant client contract with a European telecom operator within the next few days.
3i makes GoodMood investment
3i has participated in a financing package for Finnish digital imaging company GoodMood. The UK-headquartered VC firm has joined management to provide E3m for the company, which will be used to fund growth, including the development of webcasting applications and enhanced sales and marketing.
Established in 1997, GoodMood operates in two segments of the digital imaging industry. GoodMood Innovations Oy produces webcasting applications based on streaming technology, and GoodMood Productions Oy has expertise as a producer of digital contents. The company recently entered into partnership agreements with two major international corporations and launched a global franchising operation, Webcasting Service Point.
Granville Baird takes Supply Desk stake
UK mid-market investor Granville Baird has taken a majority stake in Supply Desk, a UK supply teacher recruitment agency. Granville Baird has invested £5.5m in Supply Desk, which will be used to continue the firm’s growth and to buy out existing management. Fortis Bank in London has provided £3m of financing.
Founded in 2000, Supply Desk has specialised in the supply of contract and permanent teaching staff to UK primary and secondary schools. The company is headquartered in Sheffield and has established 14 branches across the UK. The company reports that UK schools spend approximately £600m on supply staffing each year and that there are around 4,500 teacher vacancies currently unfulfilled.
Invision backs payment platform business
iPIN, a US provider of enterprise payment platform technology based in Belmont, California, has completed an $8m package in its latest round of fundraising. Accel Partners, Cardinal Venture Capital, Invision AG, Nexus Group LLC, Sutter Hill Ventures and Verbena Communications have all participated in the round.
iPIN has also named company founder Alexandre Gonthier as chief executive officer. The company’s previous chief executive, Bradley Rode, will continue as a director of the iPIN board.