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Mapping and technology firms join funding round led by Apax
Webraska, a French provider of wireless navigation services, has secured E52m in a second financing round for about a third of its equity.
US and European institutions were involved, led by Apax Partners‚ Funds1 and sister company Patricof & Co Ventures.
Others included Argo Global Capital, SAIC Venture Capital, Navigation Technologies, Philips Venture Capital Fund, Infineon Ventures and SignalSoft.
Webraska's Internet-based wireless navigation solutions are aimed at in-car telematics and location-based services. These are delivered over all channels, including SMS, WAP and i-mode.
The funds will be used for technical development of its search platform and a roll-out into the US.
CFO Nabih Maroun (pictured) was happy with the mix of investors, particularly digital mapping firm Navigation Technologies, as 'high quality mapping data is crucial', and technology supplier SignalSoft.
He was keen to stress it had 'no exclusivity arrangements of any sort' with SignalSoft, but held open the possibility they might approach them for 'reinforced ties' in the future.
Webraska does not expect to be profitable until early 2003, although some European territories may be profitable by mid-2002.