An undisclosed strategic investor has joined Canada-based venture capital firms in providing $10m in a series B round to mobile media group Morega Systems.
Celtic House Venture Partners and GrowthWorks co-led the round, which was joined by a strategic investor and the Ontario Emerging Technologies Fund, a C$250m ($241m) state fund, as new investors.
Brian Antonen, a partner at Celtic House, said: "The addition of two new investors to the syndicate at a substantial increase in valuation reaffirms both our view on the emerging market opportunity in video networking and Morega’s position in content portability."
Morega’s $10m series A round closed in July 2007.