As part of the round, the two venture funds will own a combined stake of 38 per cent in the Oslo-based company.
Boost comprises three companies: Boost Communications with a 50.1 per cent stake in Boostcom Media and a 100 per cent stake in Boost Advertising. The company was set up in 2000 and posted a turnover of €3.3m last year, up from €2.8m in 2010.
The business operates mobile websites and portals for major companies from around the world, inclduing Al Jazeera, FC Barcelona, The Times, Polaris Media and Telenor.
“We have been watching Boost Communications for one and a half year now, and believe that the company can take a leading role in mobile marketing internationally,” said Rune Rinnan, a managing partner and founder of TeleVenture Management, which manages the NIK III fund.
“They have been able to achieve their goals this far, but need access to more capital to become the international success they have the potential to be. We want to take a part in that journey.”
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