BC Advantage Funds announced today that they have completed a further investment in Vancouver’s Mobidia Technology Inc. as lead investor in a $7,500,000 round of financing. Interest in the offering was strong, allowing Mobidia to complete a second closing later this month to accommodate additional investors.
“This financing comes at a very exciting time for Mobidia, with the explosion of peer-to-peer communication and streaming video placing a heavy burden on wireless networks and demonstrating a clear need for our technology,” remarked Derek Spratt, Mobidia’s CEO. “This financing will allow us to continue with our aggressive growth strategy, and continue to build on our relationships with our partners including Vodafone, T-Mobile, Sprint, Cisco and Microsoft, among others. We are also gratified at the over-whelming response to our financing, and are pleased to see it over-subscribed.” David Raffa, Partner & COO of Advantage, said “along with an impressive track-record as a serial entrepreneur, Derek Spratt has brought new strategic focus to Mobidia. We are very pleased with the progress the company has made in the first half of this year, and are excited about its prospects given the extent of its current engagements with its partners.”
I had the chance to attend Spratt’s presentation at the Canadian Innovation Exchange last week in Toronto and while he didn’t pick up the top prize, his pitch was obviously very well received. BC Advantage Funds’ Raffa was also in attendance and participated in a Meet the Investors panel.