Truffle Venture makes second telecoms investment

French firm Truffle Venture has added a second telecoms-focused company to its portfolio with the acquisition of MoMac, a mobile phone content business.

Truffle Venture, a French venture capital firm, has backed the management buyout of MoMac, a provider of mobile phone content platforms, for an undisclosed amount.

Truffle has taken a majority stake of between 70 percent and 80 percent, said Bernard-Louise Roques, co-founder and general partner at Truffle Venture, with management retaining “a significant share”.

Residex Ventures, a Dutch private equity firm, sold its minority stake to Truffle Venture.  ABN AMRO was also a previous shareholder.

Roques said: “MoMac has developed a unique technology platform which enables it to address very efficiently a very rapidly expanding market. With strong market share in both the UK & the Netherlands, we believe the company is ideally positioned to become a European global leader of mobile content facilitation.”

Netherlands-based MoMac was founded in 2001 and provides a technology platform for the publication and distribution of media content on mobile devices. The company’s publishing platform, GoMedia, counts Condé Nast, a magazine publisher; ITV, a UK television broadcaster, and Hallmark, a cable channel, among its clients.

MoMac is Truffle Venture’s second portfolio company in the telecoms sector.  The firm also owns Phone Systems & Network, a telecoms business.

Founded in 2002 in Paris, Truffle Venture targets the information technology, healthcare and energy sectors. The firm has €250 million under management.