Crosscall raises €4.5m from ACG in first round of funding

It is the first time Crosscall has resorted to raising external funds, having been self-financed since its foundation in 2009.

Crosscall said the investment is in the form of convertible bonds, with the founders and managers retaining majority stakes in the business.

With the external capital, Crosscall is hoping to speed up its expansion on an international scale, aiming to export its products to 50 countries over the next three years. A source close to the deal said Crosscall's intention was to operate across all European countries by 2016 and to possibly extend their distribution to Africa, Asia, Canada and South America.

Crosscall intends to raise more funds in the future, aiming for larger amounts – between €10-15m – while keeping majority ownership of the company, unquote" understands.

Ultimately, the company is hoping to grow its turnover from the current €17m to €100m.

Company
Crosscall is a mobile phone manufacturer developing devices for outdoor usage.

It has been self-financed since its creation in 2009, and has a turnover of €17m, 20% of which is generated in the French market.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Expansion
• Technology
• France
• France
• Venture