Mfuse Completes Successful Fundraising and Appoints Mark Blandford as Non-Executive Director

26-03-08

Mfuse (www.mfuse.com), the leading provider of mobile-enabling technology, announces that it has raised £2.55 million at the close of its current funding round. The funding has came from existing investors Bestport Ventures LLP (“Bestport”), who have invested a further £850,000 and new investors including Mark Blandford, the founder of Sportingbet Plc, who has invested £1.55 million. Following this funding round Mr Blandford is joining the Mfuse Board as a non-executive director.

Mfuse offers its clients a reliable and secure way to play, pay and transact using any mobile device. Their user-centred approach combined with the latest robust, high performance technology ensures a seamless, enhanced customer experience.

The new funding will provide working capital for Mfuse to expand both its product offering and importantly its geographical reach. At present, Mfuse’s core offering is in the sports betting market where it works with blue-chip clients such as Ladbrokes Plc, Sportingbet Plc, Bet365, Stan James and Paddy Power Plc. Part of the new capital has been allocated for further development and marketing of a mobile casino offering.

Mark Blandford’s appointment as a non-executive director will help strengthen the Board and provide Mfuse with access to his significant knowledge of and contact base in the gaming industry. Mark is an industry veteran, founding Sportingbet PLC in 1997 after a successful career in bricks and mortar bookmaking. In January 2001 the Company floated on London’s AIM market. Mark was voted AIM entrepreneur of the year in 2002.

Mark Blandford said: “Mobile functionality is still in its infancy and there is a very significant opportunity available to those with the technology and vision to facilitate the inevitable expansion of services and applications. Mfuse have the fundamentals in place and I look forward to working with their team in this crucial period of their corporate development.”

Marcus Wareham, Chief Executive Mfuse added: “Since our inception, we have continually expanded our client base and feel that now is the appropriate time to scale up the business in order to cater for the inevitable increase in mobile phone activity as the capability of technology begins to catch up with user demand.

“Mark Blandford’s depth of knowledge and sector experience will be of great benefit to us. This funding round enables us to further enhance the Mfuse pipeline of new products and services.”

Mfuse was incorporated in 2002 to exploit the opportunities presented by the increase in mobile phones and the variety of activities they will be used for over the coming years. Specifically, their aim is to enable businesses to deploy mobile transactional services across multiple devices and in multiple territories.