Globes, October 27, 2003
MobileAccess Raises $10m
| Bank Hapoalim's venture capital fund, Poalim Ventures, joined the round alongside the company's existing investors.
|Israeli start-up MobileAccess Networks has completed a $10 million financing round led by Pitango Venture Capital and HarbourVest Partners. Bank Hapoalim's (LSE:BKHD; TASE:POLI) venture capital fund, Poalim Ventures, joined the round alongside the company's existing investors. Sources close to the deal said the round was held at a $25 million company value, after money.
MobileAccess develops converged wireless enterprise network. It is the successor of Foxcom Wireless, which applied to the courts for protection from its creditors 18 months ago. The company completed a turnaround, led by Momentum Management, which included a $9 million investment from Genesis Partners, Israel Seed Partners and Eurofund.
Momentum Management general partner Asaf Mohr, who serves as MobileAccess chairman and CEO said, "The money raised 18 months ago enabled us to recover from the crisis and become profitable. The current round is intended to enable the company to increase its growth." He said MobileAccess's sales were now $15 million.
Published by Globes [online] - www.globes.co.il - on October 27, 2003