European Investment Bank Provides 25 Million Euros in Growth Financing to Upstream
Long-term and stable capital will support the company’s R&D activities and growth strategy
London, February 15th, 2017 – Upstream, a leading mobile commerce platform, announced that it has been given 25 million Euros in growth financing by the European Investment Bank. The financing has been granted with the support of the EU budget guarantee under the European Fund for Strategic Investments (EFSI), the financial instrument of the European Commission’s Investment plan for Europe.
Thanks to the EIB’s funding, Upstream will benefit from long-term and stable capital to support the implementation of its growth strategy, further boosting the company’s expanding global operations. Trusted by over 60 mobile operators, benefitting from 80 million paying subscribers, and reaching 1.2 billion consumers in high-growth markets, the financing will enable Upstream to further invest in R&D activities. This will help the company to continue to improve its industry-leading technology platform and innovative product offering, as well as its big data capabilities.
For 15 years now, Upstream’s success has been fuelled by its forward-thinking business strategy, which revolves around three key pillars: its pioneering mobile commerce platform, its exceptional workforce and its effective organisational structure.
With products ranging from infotainment and microinsurance, to mobile security and antivirus, cloud storage, gaming, video portals, app stores, language learning courses and award-winning mobile marketing promotions, Upstream has a strong international presence, with 10 regional hubs, employing over 330 professionals.
Marco Veremis, CEO & Co-founder, Upstream, commented: “We are proud to have been selected by the EIB for growth financing. This is testament to our ambitious growth prospects, and the excellent work we have done on research and development, to date. We look forward to continue to invest in this important area in the years to come.”
Panos Martinis, CFO, Upstream, added: “The EIB has stringent selection criteria, which we are pleased to have met. The EUR 25 million growth financing will enable us to support our ambitious growth plans, with a strong focus on research and development. This will help us continue to further our international presence and appeal. It is fantastic to see the EIB’s continued commitment to Greece, and we are honoured to have been given this additional boost for our research programme.”
Nicholas Jennett, Deputy Director General, Head of Investment team for Greece, EIB, stated: “I am pleased to see how Upstream, one of Greece’s most innovative companies, is using the money we have made available to invest in its future growth and development. This is a company with a proven strategy and promising growth prospects. I am looking forward to seeing it continue to flourish with EIB’s support.”
Andreas Aristotle Papadimitriou, Investment Officer, EIB, concluded: “Upstream is an innovation-driven company, with an exemplary workforce and a list of clients to match. It is wonderful to be part of its journey, by enabling its continued investment in R&D and big data, thanks to the growth financing. We look forward to seeing the company continue to evolve and thrive.”
The finance agreement was signed in December 2016, in Athens, in the presence of EIB President, Werner Hoyer, as well as senior Greek ministers.
About the European Investment Bank (EIB)
The European Investment Bank (EIB) is the European Union’s bank. The EIB is the long-term lending institution of the EU and is the only bank owned by and representing the interests of the European Union Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. The EIB works closely with other EU institutions to implement EU policy.
As the largest multilateral borrower and lender by volume, the EIB provides finance and expertise for sound and sustainable investment projects which contribute to furthering EU policy objectives. More than 90% of EIB activity is focused on Europe but it also supports the EU’s external and development policies.
Since 2010, the European Investment Bank has provided more than EUR 9 billion to ensure continued investment in crucial infrastructure including education, energy, waste and water and by companies across Greece.
For more information please contact:
Lucy Westman/ George Chamberlain
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