Northzone's mCash sells Norwegian operations

Tellef Thorleifsson, general partner at the Nordic VC, told unquote" Northzone would not be receiving any cash from the sale, and would not be realising any value in mCash.

Rather, the proceeds from the Norway-based company's sale will fund global growth, starting with expansion in key European markets. Said Thorleiffson about the sale: "It also serves to validate the technology."

Previous funding
In February 2014, Northzone led a NOK 43m series-A round for mCash alongside Entrée Capital.

Company
Headquartered in Oslo, mCash is a mobile payments platform developer.

Founded in March 2014, the company's product facilitates payments between merchants, banks and consumers using mobile devices.

People
Tellef Thorleifsson is a general partner at Northzone. Daniel Döderlein is the CEO of mCash.

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