ACT et al. invest $5.2m in Cubic Telecom

The funding will be used to create 70 new jobs, the majority of which will be new positions in Cubic's Dublin headquarters.

ACT and TPS are both believed to be new investors in the business. TPS is a private family investment company headquartered in Dubai.

ACT typically invests €200,000-10m per funding round. The Ireland-based GP recently took part in the Intel Capital-led €7m funding round for mobile app platform provider FeedHenry. Additional portfolio companies of the firm include Digit Game Studios and Biosensia.

Previous funding
This is the second investment in Cubic by Qualcomm, according to the company. It also marks the second investment by Enterprise Ireland, which reportedly injected €500,000 into Cubic in 2011.

Prior to this, the company was understood to have raised $2m (€1.5m) in a series-A funding round held in 2007.

According to Cubic, the company has raised more than $12m in total from ACT, TPS, Enterprise Ireland and Qualcomm.

Company
Cubic Telecom was founded in Cork in 2007 and is headquartered in Dublin with additional offices in the US. The mobile network operator employs around 30 staff.

Cubic provides global data, voice and SMS services for 230 countries through its 500 roaming agreements with global carriers. The company's platform integrates with most operating systems, networks and mobile devices.

People
Barry Napier is Cubic's CEO and executive chairman. John Flynn is a managing partner at ACT.

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