The News
Nokia Growth Partners leads Series C investment round in INSIDE Contactless
11/12/2007
Nokia Growth Partners leads round together with existing investors in NFC specialist INSIDE Contactless
Aix en Provence France, December 11th, 2007– INSIDE Contactless, the world leader in contactless payment chips and NFC technologies for mobile devices, today announced a new round of investment led by Nokia Growth Partners, the global private equity and venture capital management arm of Nokia (NYSE:NOK), the world leader in mobility.
This new investment round of €25m ($38m), will allow the company to accelerate its international presence and broaden its product portfolio.
This major milestone caps a brilliant 2007 year for INSIDE. This year it saw the successful launch of its new MicroRead NFC platform and the delivery of 35 Million microprocessor chips for the US contactless payments program.
“This is more than a financial investment, this is about a strategic partnership with key players who are committed to building and driving the NFC eco-system says Rémy de Tonnac, CEO of INSIDE Contactless. Three years ago a similar strategic investment was made with Visa which brought the company to a leading position in the field of Contactless payment. We hope that this new development for INSIDE will lead to a similar success in the NFC market”
Rob Trice, a Partner at Nokia Growth Partners, commented, “We are pleased to have an opportunity to invest in a global innovator like INSIDE Contactless. Their focus on payments and on the many other exciting applications of NFC chip technology is unparalleled. We look forward to collaborating with INSIDE and our partners in the industry poised for the take off of NFC “.
Nokia Growth Partners’ participation in the round is a strong vote of confidence both in the NFC marketplace and in INSIDE Contactless’s differentiated technology. Nokia Growth Partners is well positioned to see the emergence of contactless and NFC through its ties to Nokia and its previous investment in Vivotech, the leading provider of contactless point-of-sale reader technology and NFC mobile payment infrastructure software.
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