Network365 gets €10m boost for mzone

Wireless software firm Network365 has closed €10m in a third round of private equity funding for its comprehensive payments and service system, mzone.

Last week, Japanese electronics giant NTT DoCoMo chose the Wicklow-based company to provide mobile payment and banking services to all of its subscribers in Japan.

London-based Advent Venture Partners has become the new lead investor in the mzone project and James McNaught-Davis, a general partner of Advent Venture Partners LLP, will join the Network365 board.

Speaking after today’s announcement, Network365’s Chief Executive, Raomal Perera, said: “We have a strong balance sheet and this funding will facilitate our global growth as we take advantage of the opportunities in the mobile payments marketplace.

“With the global mobile payments market forecast to grow from over €5bn in 2002 to €55bn in 2006, Network365 is set to take advantage of this exploding marketplace,” Perera added.

Founded in 1999, other investors in Network365 include Enterprise Ireland, Amadeus Capital Partners, Trinity Venture Capital and JAFCO.