CORK, IRELAND July 28th 2005 -- SELATRA LIMITED, a publisher and distributor of mobile phone games, announced today that it has concluded an investment round with venture capital investors 4th Level Ventures and Hogan Associates. Enterprise Ireland, is also increasing its stake in the three-year old company. No further information on the amounts or details were disclosed.
"This new financing allows us to accelerate the strong growth we have experienced in the past three years and to enhance our presence in the global mobile arena’. said Sean Cronin, CEO of Selatra. ‘We see significant opportunities to develop new market niches and acquire new games and mobile applications as well as to expand our current distribution channels." Sean added
“The new funds will help to considerably widen the distribution of our portfolio to our extensive network of global online, print and broadcasting partners, which currently reach a target market of over 200 million mobile subscribers in over 40 countries. These funds will further boost our R&D efforts on automated game testing – an area of particular benefit to our suppliers and retailers alike”
Ray Naughton, Co-founder of 4th Level Ventures is enthusiastic about its new investment adding “We are excited about working so closely with Selatra at this period of its growth. The quality of Selatra’s titles and licenses has been recognized by its customers. Overall we see a rapid expansion in mobile content consumption, allied to 2.5G and 3G handset adoption, which will deliver global mobile entertainment revenues of more than US$59 billion by 2009. We expect Selatra to gain a significant share of this growing market with its ability to support a wide range of handsets globally.”
Hugh O’Neill, of Mianach commented, “The number of mobile game players worldwide has increased greatly with the provision of easily accessible mobile games at reasonable prices. The quality of games has been a particular ingredient in this growth. Selatra has made mobile games easy to find, quick and simple to download and above all, fun to play. We see Selatra continuing to push the mobile games phenomenon as they have done since the early days of colour handsets’,