Internet software company iOra has raised $15m (E16.6m) in its second round of financing.
Cazenove Private Equity and Swedish private equity firm b-business partners provided the cash. The new investment capital will be used to fund growth and expansion, to enhance product development and increase global sales and marketing efforts. Early stage investor MTI, which provided iOra’s £3m first round of venture capital, arranged this latest round.
iOra develops and markets mobile content management solutions. Its family of products allows businesses to provide information to remote and mobile users, with the benefits of improved management and security of information.
The company has more than doubled its revenues each quarter averaged over the past two years, signing up customers including Shell and GlaxoSmithKline. Simon Edwards, managing director at b-business partners, said that potential for the company’s growth is significant. “This is our biggest investment in pure technology to date, which reflects our belief in the importance of iOra's software for the future of mobile content management, and in the company's potential for growth,” he said.
Paddy Falls, CEO and co-founder of iOra commented, “At a time when the markets are down and investors are more cautious, this is a significant endorsement of iOra. This investment from b-business partners and Cazenove Private Equity reflects our success to date, the value of our solution, and the significant potential for growth in this market. Based on Gartner estimates, the market opportunity is over $3bn by 2003, driven by businesses needing to make their remote and mobile business professionals more productive. We have unique, patented technology that underpins our product strategy, strong commercial record to-date, a business plan that targets this growing market, and strong operations in Europe and US. This round of funding will enable us to accelerate growth and strengthen our market position.”
iOra was founded in 1997 with founder and angel investment. In June 1999, early stage investor MTI put £3m into the business. Dr Paul Castle, chief executive of MTI, sits on the board of iOra.