AAA Nokia buys into SponsorPay

Nokia buys into SponsorPay

SponsorPay, a Germany-based provider of virtual currency for publishers, has raised $5m in its extended series A round from Nokia Growth Partners, the corporate venturing unit of Finland-based phone maker Nokia. News provider VentureWire said the deal was done at a valuation of between $30m and $35m.

Bo Ilsoe, partner at Nokia Growth Partners, which will help the portfolio company move its currency to mobile phones, said: "We are very pleased to invest in SponsorPay and support the expansion of their cutting edge monetization platform. They have established themselves as a distinct leader in a rapidly growing market and serve a diverse customer base from all over the world."

In October, Investitionsbank Berlin, a development bank of the Federal Land of Berlin, agreed to invest more than $1m in SponsorPay.

This followed €3.8m ($5m) in June from from venture capital firms Hasso Plattner Ventures, Kite Ventures and Team Europe Ventures, which are the original backers of the Berlin-based start-up, according to news provider TechCrunch.

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