Sunday, 27 September 2009

FRiENDi gets two new investors – Middle East

The FRiENDi Group has announced a new equity investment by Oman based Dolphin International LLC and ePlanet Ventures. Dolphin is a privately owned Omani company established in 1985. The firm has a portfolio of investments in banking, infrastructure, education, healthcare, bio-technology, advertising, real estate, construction, surgical products and energy. ePlanet Ventures is a venture capital company with offices across Asia, North America and Europe. It has funded companies which include Baidu, Skype and Focus Media.

The amount raised from the new investors is undisclosed but is quoted by FRiENDi’s Chief Executive, Mikkel Vinter, as being greater than USD 10 million.

Vinter, commented: ”We have raised this additional double-digit USD millions equity to further improve our financial readiness for launching multiple MVNO operations in quick succession across the region, now we successfully have validated the MVNO model in the region with the launch of our operation in Oman. We are particularly pleased with both Dolphin International LLC and ePlanet Ventures being existing regional and local investors, so their additional investment that we have announced today is a sign of trust in the company and our business model”.