Phonect (Norway) - Jan 2008

Phonect, a voice-over-IP (VoIP) phone operator, has raised NOK 20m in a new share issue from Storebrand Alternative Investments and Incitia Ventures. Storebrand’s investment makes it the second largest owner in the company. Incitia, which is currently the major owner with 32% of the share capital, has participated with NOK 8m in the NOK 20m round by a combination of new capital and conversion of debt to equity. The share issue will enable further strengthening of the company’s position in the Norwegian VoIP market through strong growth. Incitia first invested in the business in December 2006 when it was agreed that the venture capitalist could invest up to NOK 45m split between three rounds.

Company

Phonect was founded in 2004 and provides VoIP services for the B2B market and is a wholesaler for the same service for the consumer market. Phonect’s technology platform enables corporations to realise broadband telephony over ISDN-based PBX networks, without the need to invest in new telephone equipment. It had more than NOK 55m in turnover in 2007, which is a significant increase since 2005 and 2006 when revenues totalled NOK 3m and NOK 22m respectively. The business has approximately 40 employees and is based on Lysaker outside Oslo.

People

Incitia Ventures partners Erik Sandersen and Åsgeir Nord hold seats on the board of directors. Haavard Helmen is the CEO of the business and is also a significant shareholder.

Sourced from: Nordic unquote" 71 (Feb 2008)

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