Update: ValueFirst is listed in NEAs portfolio of companies, as a current investment.
You’re reading it here first: MediaNama has learned from reliable sources that Mobile VAS company ValueFirst has raised around $5 Million from New Enterprise Associates (NEA). ValueFirst is primarily an enterprise mobility company which had entered the direct-to-consumer space earlier this year with the launch of SMSMEON services via their subsidiary SpotOn Media. They’re best known for their SMS related enterprise services.
ValueFirst sources have confirmed that NEA has invested in the company, but not the amount of investment. We’ve contacted CEO Vishwadeep Bajaj for more details.
In October, Bajaj had told MediaNama that the company was a couple of weeks from announcing a round of between $5-8 Million of investment. Bajaj claimed revenues of $10 million for Valuefirst last fiscal, and said the company has targets of $25 million this fiscal. He had mentioned that they intend to invest the money into internal processes and IT systems. ValueFirst has an international presense in the Middle East, UK, Nepal, Bhutan and Pakistan, and intends to expand into developing markets where Internet penetration is low, and mobile base is significant.
The investment comes at a time when Mobile has emerged as one of the segments that hasn’t been as badly affected by the economic downturn as others; whether Mobile VAS is equally robust, is anybodys guess. We’lll get indications from the third quarter results, due in January.