Airborne Mobile Announces $2 Million Growth financing round (2)
Airborne and iNovia Capital announced last week a $2million financing round.
Airborne is a Montreal tech company producing mobile tools and applications, with a very diverse product line, from games, SMS apps, to wallpapers, ringtones and mobile marketing tools.
The financing round by iNovia Capital has been presented by both companies as a renewal, after Airborne’s executive team “restructured and refocused” the company, with the investment presented as the main driver now for future growth. Chris Arsenault of iNovia, who has worked previously with Airborne’s founders, also joins the board of directors.
While it’s great to see a VC firm like iNovia support local tech companies, in a booming market (mobile), it’s noteworthy to see that Airborne Mobile has been around for 10 years. It’s a relatively “safe” investment, in a company which is almost a service provider, akin to GameLoft; not a startup with a product. Airborne also stated that more custom games and applications for niche markets were planned for upcoming months, but I haven’t seen references or objectives for promising platforms like Android, the iPhone, or the Blackberry.
Garner and Andy are part of the “Recurring Entrepreneur” club. They went for it w/Generation Net and Just for Laughs, then with Airborne Entertainment, now with Airborne Mobile (via a buyback of the Company from the Japanese). Their thirst for achievement, results and their need to make a difference keeps coming back even though they achieved what many would consider as amazing business success! They take risk, try new ideas, innovate and work like there is no tomorrow. This new start-up in a way, has the advantage, but also the related risk, of re-launching itself not from scratch but with an important asset base (a team, technology, business dealings, revenues…). iNovia’s investment was first and foremost done into Garner & Andy because of their drive and passion towards making a difference and in succeeding no matter what. Like most of the Companies we have invested in so far, we quickly realize that no one can control the markets and they changes fast, corporate strategies always need to evolve, their financial needs mostly increases (not decrease) and the business plans change(s), thats why we invest in the Entrepreneurs first, second is into the idea they have at hand and third we try to evaluate the changes of success base on the many uncontrollable factors!
Chris,
Thanks for the insight about the entrepreneurs, and I agree 100% with you on the importance of picking the right team. I’ll be tracking Airborne mobile and looking forward what they will be producing in the next few months.
Leave a Reply