Zamano raises €2.5m to cut its debt and drive expansion

ZAMANO, a mobile telephony applications provider headquartered in Dublin, has raised €2.5 million, in venture capital, which it plans to use to drive its international expansion and cut its debt levels.

The funding comes entirely through the transfer of 3.9 million shares in the company to the Ulster Bank/Diageo Venture Fund – which is managed by NCB Ventures – and will result in the fund becoming a significant shareholder in Zamano, with an approximate 15% stake.

Zamano is using €1m of the fresh money to pay off more of its debt. By the end of this year, Zamano’s debt will amount to €2.7m; down from €7.7m at the end of 2008.