Telecom Lead America: Navmii Holdings, a provider of GPS
navigation mobile apps, has raised 2 million pounds from investors during the
current funding round.
Navmii has registered more than 8.2 million users since
2009. The company 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.
Navmii will utilize funds to enhance the core GPS
navigation services with extra crowd-sourcing features and accelerating growth
plans into 22 new territories including China and Russia.
We look forward to working with Peter Atalla and his
management team who have previously run technology companies worth in the
region of 30 million pounds to 1 billion pounds,” said Vasile Foca, director
and co-founder of Talis Capital.
Navmii 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.
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, has 20 million users and raised $67 million and yet we are ahead of Waze
across 16 countries in Europe, Australia, Asia, and Africa, with zero marketing
spend so far,” said Peter Atalla, CEO and founder of Navmii.