• Press Release
  • 5 Min Read

Upstream raises 11M Euro growth capital

Upstream Telecommunications and Software Systems S.A., a global player in mobile value added services (VAS), announces it has raised a growth capital investment, of EUR 11 million, co-led by TLcom Capital L.L.P. based in London and by Alpha Ventures S.A. a leading Private Equity /Venture Capital firm in Greece.

Since its inception in 2002, Upstream has been one of the fastest growing companies in the mobile services sector with 2008 Revenues exceeding 38 million Euros. The company’s focus and main growth driver has been large scale revenue generating mobile promotions for mobile operators and multinational brands.  Upstream has been profitable from the first year of its operation and its growth has been entirely self financed. It will use this financing to drive more rapid growth in winning mobile operator customers across the globe.

The mobile marketing industry is set to grow significantly in the next 4 years and revenues are expected to reach $24bn in 2013, from $1,8bn in 2007/08, which corresponds to a CAGR 2008-2013 of 54% (source: ABI Research).

Marco Veremis, Chairman of the Board of Upstream S.A. commented, “We are delighted to have both TLcom Capital L.L.P. and Alpha Ventures S.A. as partners at this stage of rapid growth for the company. Their investment will assist us significantly in meeting the growing demand for Upstream’s services from existing and new customers. In addition, their respective experience and expertise, will be important to us in reaching our goal of placing the company at the forefront of innovation and sustainable leadership in the mobile marketing space.”

Mauro Pretolani, General Partner of TLcom Capital L.L.P. commented, “Upstream is a strong innovator in the international Mobile Value Added Services market, where the company has been able to offer new services to consumers while engaging the operators with innovative business models that are well suited to the operators’ needs of limiting investments and risks, a factor more relevant than ever in this difficult economic climate. TLcom is pleased to be able to participate to the fast growth that the company is experiencing and will support the company along the path that leads to global leadership.”

Pantelis Vernikos, Managing Director of Alpha Ventures S.A. commented, “We are delighted to be investing in Upstream. Upstream is a terrific company with a great potential in a fast growing market.  We believe they have a unique market position and strong opportunities for growth. From our first meeting  management’s commitment and their strategic and operational skills was strongly evident.   We are looking forward to working with the management team to utilize best this growth funding, address the numerous opportunities in the years ahead, and to grow Upstream into a leading international provider of high value added mobile marketing.”

About Upstream

Upstream is a leading company in the mobile marketing space with operations in more than 40 countries.  Its list of customers includes some of the largest Mobile Operators in the world (such as Vodafone Italy & Romania, TIM Italy & Brazil, Orange Spain, Comcel Colombia, Personal Argentina, O2 Czech Republic, TMN Portugal and Cosmote in Greece) as well as Brands and Media blue chip companies (such as Nestlé, The Coca-Cola Company, Shell, BSkyB and ESMAS).  The company has 7 offices in Athens, London, Toronto (since 2008), Rome (since 2008), Bucharest, Mexico City and Buenos Aires (since 2009).
More information about Upstream can be found at http://www.upstreamsystems.com/.

About TLcom

TLcom Capital L.L.P. is a London based private equity management company dedicated to the European technology later stage / growth capital sector since 1999. TLcom has €200 Million of assets under management, with 26 portfolio companies in 3 primary and secondary equity funds. TLcom has a long history of investments in the mobile technologies space

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