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February 12, 2007
Advent Invests €7.5M For Zong.com Expansion
Advent Venture Partners will announce today its $7.5M investment in Echovox, the company behind Zong.com, a platform that enables monetization of content and services via premium SMS.
The Swiss company recently changed the name of its content delivery and payment management platform SMSConnect to Zong. It now supports for charging for content published in blogs, on websites, user-generated content, as well as enabling texting (SMS) quizzes and audience interactivity for radio and TV.
One big customer is TheCloud which uses Zong to enable its 300 million from over 40 mobile networks across Europe to purchase hotspot access time via their mobile phones. Payment is charged to a user’s mobile telephone bill instead of having to deal with credit card payments.
Advent sees it is a growth equity deal. It is not clear to us yet if earlier investors such as Newbury Ventures, which invested about $5M in 2005 also participated in the round.
Posted on February 12, 2007 05:39 AM | Posted to News And Updates | Wireless | Permalink
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