The company has been well recognised for its innovative product MXShare™ and its Share-paid™ service that enables people who cannot afford to buy a handset to make and receive calls, SMSs and remittances virtually using other people's phones.
This funding will allow Movirtu to continue to scale quickly to deliver telecommunication solutions to mobile operators servicing the “Bottom of the Pyramid” market. These solutions are distributed allow the operators to launch new products and business models specifically for this segment at a much lower cost base than could be reached before.
“We invest in people who create innovative, early stage enterprises that contribute to the well-being of low-income communities in emerging markets, and provide an attractive return” said Arun Gore, MD & Principal at Gray Ghost Ventures, “Movirtu fits our mission perfectly.”
“Movirtu is excited to obtain the financial support of such a distinguished team of investors, and welcomes Arun to our Board” said Nigel Waller, CEO at Movirtu. “We will strive to expand the use of mobile communication by the rural poor communities in Sub-Sahara Africa living on less than $2 a day to improve their sustainable livelihoods and help alleviate poverty.”
About Movirtu
Movirtu is a supplier of innovative network infrastructure solutions for mobile operators located in emerging markets to help them create access to basic phone services for more than a billion people earning less than two dollars a day. The company's MXShare product enables subscribers, who cannot afford to buy a handset, to own a virtual phone account with their own telephone number which they can access from other people's mobile phones. By enabling basic phone services Movirtu is helping people access jobs, raise incomes, access displaced family members and, increasingly, is acting as an enabler to send remittances over the mobile phone network. Movirtu is a private company, headquartered in London, UK with offices in Johannesburg, South Africa. www.movirtu.com.
About Gray Ghost Ventures
Established by Bob Pattillo in 2003, Gray Ghost Ventures invests in a range of innovative, early stage enterprises that contribute to the well-being of low-income communities in emerging markets. Gray Ghost Ventures believes that the needs of people are best met by market-based enterprises built on mutual creation and exchange of value. www.grayghostventures.com
For additional information, please contact:
Brian Dolby or Natalie Saville
BCS Public Relations
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