Catapult invests in mobile video business
The Birmingham office of Catapult Venture Managers has completed a £600,000 investment into Yospace Enterprises. The deal is Catapult’s 14th transaction of 2010.
Staines-based Yospace is a mobile applications innovator. The deal is venture capitalist Catapult’s fourth new investment with an individual business this year.
The investment will be used to accelerate the growth of yospaceCDS, a technology for delivering video to mobile devices.
Tim Sewell, chief executive officer of Yospace, said the company was now “ideally positioned” to exploit growth opportunities.
He added: “In addition to our broadcast and publishing clients, over the last six months yospaceCDS has powered video delivery for some exciting reference sites linked to major sporting events including the FIFA World Cup, Wimbledon 2010 and the Indian Premier League.
Ben Bolt, investment director for the £30m Catapult Growth Fund, who led the deal on behalf of Catapult, said: “Mobile advertising and, in particular, mobile video have long been the promised land but only now - with smart devices dominating the handset market and the availability of the delivery technology - is this growth set to be realised.”
Catapult was supported on the transaction by Adrian Cutler and Nick Dawson, of Cobbetts in Birmingham, with legal issues. Simon Jordan and Catherine Lister, of Hurst Morrison Thomson in Henley on Thames, provided the Catapult with financial advice. Yospace was advised by Keystone Law.
