Conmio Secures First Round Financing

Finnish mobile publishing firm Conmio has secured € 1.4 million of venture financing from early stage VC Inventure. The investment is already Inventure’s third large investment within two weeks.

Conmio's ManaGate is a turnkey solution for mobile publishing, extending the reach of media brands and bringing them new business opportunities. ManaGate powers the mobile services of e.g. New York Times, Nokia and Blyk.

The company’s revenue has been in a stable growth since it started to operate in 2002. The annual revenue has grown from less than €100k still in 2004 to €530k in 2008 and the company is clearly looking to grow more aggressively with the help of this growth capital.

According to Conmio CEO, Tero Hämäläinen, there were many alternative VCs looking to sign the deal with Conmio in addition to Inventure. The single most important reason for this amount of interest was the company’s impressive track record and good references. Whilst, according to Hämäläinen, it still wasn’t easy to acquire the funding the amount of interested financiers must have been a great benefit for Conmio when agreeing the terms with Inventure.