General Mobile Receives Strategic Investment from SingTel Innov8 and Mitsui
Tue, June 26 2012 16:46 | 832 Views
To Seize Emerging Market Mobile Internet Opportunities
TAIPEI, June 26, 2012 (ANTARA/PRNewswire-Asia-AsiaNet) --
General Mobile Corporation (General Mobile), a Cayman-based company, announced today it has secured US$5million in funding from SingTel Innov8 (Innov8), the wholly-owned corporate venture arm of the SingTel Group, and Mitsui & Co. (Mitsui). General Mobile plans to use the proceeds to expand and fund future growth in the fast growing mobile internet business in the emerging markets.
Founded in 2011, General Mobile is dedicated to providing mobile internet service to emerging markets with its proprietary content management and application store hosting platform. The strong growth in mobile phone sales and mobile phone users have led to increased demand for mobile applications, content and services over the last few years in the emerging markets. But these users have often been underserved due to technology limitations and fragmentation in the supply chain in these markets. Through General Mobile's platform and partnership with handset manufacturers, handset brands and mobile content providers, it provides a one-stop mobile internet service offering for emerging market mobile phone users with the application store and applications to meet the users' needs.
With this round of investment, Innov8 and Mitsui join existing investors such as Taiwan-based MediaTek Inc., the leading mobile chipset and platform provider. Innov8 is backed by the SingTel Group which has 445 million mobile customers in countries such as Singapore, Australia, Indonesia, Thailand, the Philippines, Bangladesh, Pakistan, India, and Africa. Mitsui is one of the largest and most reputable companies in Japan with worldwide business coverage, including IT & mobile related businesses such as IT channels, digital content, electronic payments, etc.
"The opportunities are huge and close cooperation among all players from the value chain is key to successfully running a mobile internet business in the emerging markets," said Mr. Paul Wu, CEO of General Mobile. "At General Mobile, our mission is to provide a one-stop service by integrating all key elements required to run the business from devices, platforms, telecom operators, content providers, and channels. With this round of investment, we have on board world-class strategic partners across all the fields to help accelerate our worldwide service deployment as well as enabling us to provide a more complete set of services and solutions."
CEO of Innov8, Mr Edgar Hardless, said, "General Mobile's solution addresses the strong demands for mobile application and services seen by emerging market mobile users across our footprint. We look forward to working with the company to build and expand on their success to date."
About General Mobile Corporation
General Mobile Corporation focuses on mobile platform operation and mobile Internet service, with offices in Taipei, Shanghai and Shenzhen. Our business coverage includes South-East Asia, Africa, India, East Europe and Latin America etc. G-Mobi provides clients with total solution in mobile phone platform and mobile Internet service, including development and operation of mobile application store, development and support of mobile applications, development and hosting of statistic servers and billing platform. At G-Mobi, we believe mobile internet experience is basic human right, including low-end mobile users, and it is our vision to extend such experiences to them in every corner of the world.
About SingTel Innov8 (innov8.singtel.com)
SingTel Innov8, a wholly-owned subsidiary of the SingTel Group, is a corporate venture capital fund, with its own set of decision making, approval and funding processes. It has an initial fund size of S$200 million.
SingTel Innov8 focuses its investments on technologies and solutions that lead to quantum changes in network capabilities, next generation devices, digital content services and enablers to enhance customer experience. It works closely with the ecosystem of leading innovators, developers, government agencies, R&D and capital providers to bring cutting-edge technologies and solutions to the various markets the SingTel Group operates in.
About Mitsui & Co.
Mitsui is one of the most diversified and comprehensive trading, investment and service enterprises in the world, with 153 offices in 68 counties as of June, 2012. Utilizing the global operating locations, network and information resources, Mitsui is multilaterally pursuing business that ranges from product sales, worldwide logistics and financing, through to the development of major international infrastructure and other projects in the following fields, Iron & Steel Products, Mineral & Metal Resources, Infrastructure Projects, Motor Vehicles, Marine & Aerospace, Chemicals, Energy, Foods & Retail, Consumer Services, Information, Electronics and Telecommunications, Financial Markets and Transportation Logistics.
For more information, visit http://www.mitsui.com.
For more inquiries about this news, please contact +886-2-2799-2820 or visit www.generalmobi.com.
SOURCE: General Mobile Corporation
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