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More VC backing for Palringo

Mar 11 2008

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Palringo, a developer of software that enables mobile phones to operate like walkie-talkies, has received £2.4 million in a new round of venture capital (VC) funding. The Northumberland-based firm now intends to launch its product internationally.

ePlanet Ventures, a California-based VC firm, and technology-focused Kuwaiti investor NTEC, led the deal, each investing £600,000.

Palringo’s existing investors also participated in the funding round. Newcastle-based NorthStar Equity Investors, European firm Prime Technology Ventures, and London-based Esther Finance each contributed £400,000.

NorthStar Equity Investors contributed to Palringo’s original funding round worth £650,000 last year, which allowed the company to recruit core staff, conduct consumer trials and move to new premises.

Investment manager Alasdair Grieg says: ‘Palringo has made tremendous progress over the past year, overcoming many of the issues that make development for the mobile industry so difficult.’

Martin Rosinski, who founded Palringo in 2006, comments: ‘By moving away from intermittent, call-based discussions we aim to create a more natural mode of communication that involves continuous dialogue and doesn’t necessarily have a start or a finish.’

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