Mobile software firm closes €3.2m funding

13 Jan 2004

A Dublin firm that has developed what it says is the world’s first mobile phone blogging system has secured a €3.2m venture capital investment from Benchmark Capital.

As part of London-based Benchmark’s investment in NewBay Software, former Esat Digifone boss Barry Maloney will join the board of the company.

NewBay plans to use the funding to expand its current operations and develop new products and services based on its FoneBlog product.

FoneBlog provides mobile users with a personal website where they can post pictures, audio, video and text to share with others over PC and mobile phone browsers. NewBay sells the software as a product and service to mobile operators around the world.

Established in 2002, privately held NewBay develops and markets software that enables mobile phone users to easily create and run websites in turn allowing mobile operators to increase revenue, customer loyalty and internet data services.

Commenting on the investment, NewBay’s CEO and former chief operations officer at Baltimore Technologies, Paddy Holohan, said: “The Benchmark funding gives NewBay the necessary resources and momentum to accelerate our growth. It also provides a strong, global endorsement of our business plans for the mobile internet marketplace.”

Mobile industry veteran and Benchmark partner, Barry Maloney, said: “Mobile internet usage is growing rapidly as operators roll out new devices, higher bandwidth and new data services. NewBay, with its strong management team and new funding, can now build on its success to date to become the global leader in providing community and social software systems for this market.”

By John Kennedy