Dynmark gets investors on message
Dynmark International, a SMS provider, has raised £500,000 of funding as well as adding some new talent to its board.
The Cheltenham-based company received half of the investment from the South West Ventures Fund, which is managed by the YFM Group.
The remaining £250,000 came from existing shareholders who include Jules Leaver and Tim Slade, the founders of clothing chain Fatface and Martin Gilbert, chief executive of Aberdeen Asset Management.
The investment will be used to develop the company’s messaging products which will be released into what the company believes is a growing market.
According to British market research group, Gartner, global text message traffic is projected to reach 2.3 trillion messages a year by 2010 and revenues from text messaging could be as high as £36.7bn.
As a part of the deal, Graham Ward, former Vodafone corporate managing director, has joined the company’s board as a non-executive director.
He said: “I’m delighted to be joining the board at Dynmark. My decision to take this step was made during the YFM funding round.
“I was so convinced by the business potential that I wanted to be involved in their future.”
Dynmark founder and chief executive, Oscar Jenkins, said: “Business use of SMS messaging is set to escalate beyond all recognition.
“This new funding from South West Ventures and support from our shareholders will help confirm Dynmark as the industry pacesetters for mobile business applications.”
© Crimson Business Ltd. 2006