Alliances & Acquisitions

GPS navigation app from Navmii gains £ 2 million as investment

navmii gps navigation app
navmii gps navigation app

London: Navmii Holdings has announced £ 2 million from investors as part of its current funding round. Navmii will use the funds to further enhance the core GPS navigation services with extra crowd-sourcing features and accelerating growth plans into 22 new territories including China and Russia.

Since launching in late 2009 Navmii has registered more than 8.2 million users and is growing at a rate of more than 550,000 users a month. The Navmii apps (Navmii and Navfee) have achieved the no.1 position on the Apple Apps store in the navigation category in many key markets including the UK, US, Canada, France, Germany, India, and Spain.

Talis Capital, a London-based investment adviser organized the finance having been impressed by the management team and their strategy as a mobile applications publisher.

Matus Maar, director and co-founder, Talis Capital, said that, “We are very excited by Navmii especially as user figures are growing faster than TomTom and Garmin combined on mobile a month in the App store and currently distribute 40 million adverts a month to users.”

Vasile Foca, director and co-founder of Talis Capital, said that, ‘We look forward to working with Peter Atalla and his management team who have previously run technology companies worth in the region of GBP 30 million to GBP 1 billion.”

Peter Atalla, CEO and founder of Navmii said, “The Talis Capital team have shown a very keen interest in our business and are excited by our 8.2 million user base. Rival company, Waze, have 20M users and raised $67m and yet we are ahead of Waze across 16 countries in Europe, Australia, Asia, and Africa, with zero marketing spend so far.”

Source: http://www.cnbc.com/id/48195374/GPS_Navigation_App_Raises_GBP_2_Million_from_Investors_Advised_by_Talis_Capital_Investment_will_drive_new_product_development_and_market_expansion_efforts

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