Softbank Europe Ventures leads E10m financing for LPG Innovations

Mobile software provider LPG will use the capital in its expansion into Europe, Asia and the US.

Softbank Europe Ventures has lead an E10m second round financing for LPG Innovations, a Finnish mobile software company. Finnish private equity firm Capman Capital Management Oy also invested in the round. LPG plans to use the capital in its expansion into Europe, Asia and the US.

LPG develops robust and scalable devices that give service providers greater control over their offering and their brand and improve the user experience. The company’s main products are the LPG ServicePortal and the LPG WAPoffice.

Daniel Sasaki, managing director of Softbank Europe Ventures, will become a board member of LPG Innovations.

Pekka Kelkka, chief executive of LPG, said: “In the coming battle for market share on the wireless Internet, LPG has crafted some powerful weapons. LPG ServicePortal is a basic tool for managing wireless applications that is already in demand by major European operators such as Vodafone and large corporates like BMW.”

LPG Innovations, which was founded in 1994, secured its first round investment from CapMan Capital Management Oy in 1999 and has since opened offices in Germany and the UK. The company provides service level enhancing solutions for corporations, operators and service providers. The company's partners include Hewlett-Packard, Oracle, WM-Data and Cap Gemini Ernst & Young. It employs over 120 people in three Finnish development centres and branch offices in Germany and the UK.