MTT secures $5m in VC funds for mobile service

IRISH SOFTWARE Company Mobile Travel Technologies (MTT) has secured a US$5 million (€4 million) investment to help expand its mobile platform M2B.

The Dublin-based company, which specialises in travel bookings through mobile phones, confirmed it will use the investment from venture capital firm DFJ Esprit to expand the M2B platform internationally.

M2B enables clients such as airlines, hotels and travel agencies to make available services to customers through mobile phones.

Customers can check in and get a boarding pass on their phones. They can also make changes to their travel arrangements.

The new financing will support MTT’s expansion into new markets and strengthen the team both at its headquarters in Dublin and in new territories.

MTT already has offices in London and in Manila in the Philippines, as well as its headquarters in The Digital Hub in Dublin.

Alongside a potential rise in clients is an expected increase in staff, from which the Irish operation will benefit.

“We hope to have 20-30 extra staff in Dublin by the end of the year and these will all be highly experienced engineers,” MTT chief executive Gerry Samuels said. “DFJ has invested over US$7 billion over the last few years out of Silicon Valley in companies such as Skype and Hotmail. It is a real endorsement for MTT that we are working with a venture capital company of this calibre.”

It was a great boost for Ireland that a pre-eminent VC firm was investing in an Irish company, he added.

Brian Caulfield, partner at DFJ Esprit, said: “It was an opportunity to invest in an Irish company that has the potential to be a leader in the global mobile technology market. Consumers are rapidly making the switch to the mobile channel, not just for travel bookings but for a complete customer experience. There’s a fantastic opportunity to ride that wave.”