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Digital Rum secures $16m second round of financing

TH Lee Global, Atlas Venture, Orange Ventures and Mitsubishi are backing the UK-based m-commerce developer.

Digital Rum, developer of the Mobile Shopping Channel, has closed its second round of private financing. TH Lee Global Internet Managers (THLi), Orange Ventures, Mitsubishi Corporation (UK) Plc and Atlas Venture invested $16m in the round.

Digital Rum is a UK-based technology company that develops, markets and operates scalable commerce solutions. Its applications help users search, compare and buy products and services via their mobile phone or PC. Digital Rum has operations in France, Germany, the UK and Spain.

Johan van de Steen, co-founder and chief executive of Digital Rum, said: “We are developing the kinds of leading edge solutions that drive mobile commerce forward. Through this investment and the support we are very likely to garner from other strategic partners and investors in the near future, we are very well placed to realise our vision of a pervasive shopping platform that millions of mobile users around the world will find practical and easy to use.”

Since it was set up in March 2000, the company has secured more than $20m in private funds and established itself as a provider of mobile shopping platforms. Its client list includes Spain’s Telefonica Moviles, Virgin Mobile, Mviva, which is the CarPhone Warehouse/AOL portal, and French leisure portal M6net. It has also agreed a technology and distribution partnership with Logica.

Mark O’Brien of Orange Ventures believes Digital Rum has the strong management team and partnerships necessary to be the driving force behind m-commerce. “M-commerce will enable customers to shop whenever and wherever it suits them. For mobile operators m-commerce represents a significant new revenue stream and Digital Rum’s solution enables this to become an immediate reality.”