Argo Global Capital, SAIC Venture Capital Corporation, Navigation Technologies Corporation, Philips Venture Capital Fund, Infineon Ventures and SignalSoft Corporation also participated in the round. Broadview, the global financial advisory firm, advised Webraska in the private placement.
Webraska aims to provide the technology that turns mobile devices into worldwide personal navigation systems. It therefore provides wireless navigation and traffic information services and technologies for telecom operators and car manufacturers. The company will use this latest funding to further develop its technologies, including its patented internet-based Distributed Navigation and to support its worldwide expansion, notably into the Americas and the Asia Pacific region.
Jean-Michel Durocher, chief executive and founder of Webraska, said: “We are delighted at the very high level of interest and commitment we have received from our existing and new investors in this round at a time of volatile markets. Webraska was the first to market with internet-based wireless navigation solutions that will revolutionise in-car telematics and location-based services.”
Frédéric Rombaut, a director of Apax Partners France, said: “We believe that location based services will be the common denominator of next generation mobile Internet services. Webraska is ideally positioned to execute this vision on a worldwide basis, by enabling its customers to leverage on their unmatched set of technology, aggregated content, and experience.”
Apax Partners and Argo Global Capital provided Webraska’s E10m first round of funding a year ago.