OneVentures backs Paloma Mobile with $1.5m

IT entrepreneur Roger Allen also contributed capital to the round.

Sydney-based Paloma plans to use the funding to accelerate the development of smartphone services for its mobile operator partners in Southeast Asia, Latin America and other high-growth regions.

The company was established in July 2011 by Jennifer Zanich and Steve Langkamp - both entrepreneurs with experience in developing mobile services for emerging markets.

"Our investment in Paloma is a great example of backing a strong team with an impressive track record in building and exiting companies," said Anne-Marie Birkill, a partner at OneVentures. "We are also particularly excited to be backing our first female founder with this investment."

Smartphone sales are now growing exponentially in emerging markets. The majority of consumers in these markets cannot afford iPhones, but beginning in mid-2011, several manufacturers introduced more affordable, Android-based handsets. In 2012, consumers in emerging markets are projected to purchase 370 million smartphones, 57% of the global total.

Earlier this year, Sequoia Capital and Accel Partners agreed a deal with SingTel, Southeast Asia's largest cell phone company, which would allow the telecommunications giant to expand its mobile advertising division in response to the demand for smartphones in the region. The VC firms sold US-based mobile advertising start-up Amobee to SingTel for $321 million.

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• Topics
• Early-stage
• Technology
• Australasia
• Australia
• Technology
• Venture
• Sequoia Capital
• Accel Partners