Bluestreak closes US$20 million Series D financing
A favourite Wellington Financial Fund III deal is Montreal’s Bluestreak Technology. We provided a combo $5.5 million venture debt and operating line facility in January, joining existing investors BDC Venture Capital, Fonds FTQ and First Capital of Dallas. Earlier this morning, Bluestreak announced that France-based Iris Capital has led a US$20 million Series D round. A Korean investor, Tomorrow Group, is also joining the round. And we are staying in, as well.
Our deal was designed by VC Steve Abrams to give the company the True Growth Capital ™ needed to continue to execute on its business plan. The success of Series D round speaks to the opportunity we saw last winter. As does Espial’s (ESP:TSX) recent successful IPO.
Here’s an excerpt from the press release:
Over the past months, Bluestreak has signed numerous deals, including partnerships with Symbian and ACCESS, to establish MachBlue as the go-to platform for the development of rich-media applications on mobile phones and digital TV devices.
Alexander Wiedmer, partner at Iris Capital, stated, “We believe that Bluestreak’s unique technology is poised to capture a sizable market share in Europe as operators look to leverage content through rich media applications. Orange’s success with its Bluestreak powered applications in France has already validated this approach.”
Tomorrow Group Chairman Il Ho Kuk said that “Bluestreak’s technology represents the cutting edge in the rich media field. We look forward to working together on the many business opportunities for the company in Korea.”
“All areas of Bluestreak’s business are witnessing incredible growth, especially in Europe and Asia. We are pleased to accompany them in this next growth phase” said Jacques Bernier, SVP information technologies, telecommunications, and industrial innovations at Solidarity Fund QFL. Steven Abrams, Director, BDC Venture Capital, added: “Bluestreak has been building solid traction in the market and this funding will allow the company to execute on these opportunities.”
Bluestreak CEO Paul Forostowsky commented; “This has been a breakout year for Bluestreak. Since the beginning of 2007 we’ve announced JAVA and BREW versions of MachBlue Mobile and new partners in Dutch operator KPN and Thomson on the DVB-H side. Our digital TV business has also been growing substantially, with great strides in the IPTV sector. This latest round of
financing, propelled by geographically diverse investors, will allow Bluestreak to further consolidate our position in the fast-growing rich media market and to continue winning major accounts worldwide including in the Chinese and Korean markets.”
Congrats to everyone on the Bluestreak team!