OZ gets $10 million venture debt funding from Wellington Financial (1)
May 2nd, 2008 · by Heri · Mobile
OZ received this week $10 million funding from Wellington Fund, a Toronto-based fund specialized in venture debts for growing companies.
OZ provides Instant Messenging plus many other applications such as mobile email or mobile social presence. You might have never heard of the company, because they sell the solution directly to wireless carries, such as Bell, AT&T, T-Mobile, Rogers, Sprint etc.
OZ announced they will be using the funds to develop new products, such as mobile social networking.
From Wireless North.
Having worked there in the past, I wouldn’t surprised if those $10m were just to keep paying the insane executive salaries.
OZ is not a bad company per se, it’s just falling into irrelevance after the change of management last year.
(no this isn’t the ex-CEO ranting :P)
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