Last night we proudly announced our first deal. Fifteen Scale Angels have invested $655,000 in Paloma Mobile as part of a $1m capital raising. Congratulations Jennifer Zanich , Paloma Co-Founder and Executive Chairman.
Paloma Mobile has developed a cloud based technology platform that enables rich-media services to be delivered to mass-market smartphones even when they are running on low speed networks. There are expected to be more than 1 billion entry level smartphones users by 2016.
Paloma’s first product, Photo Chat, is a photo sharing application with text and voice notes and is less than a tenth of the download size of Instagram, Facebook and WhatsApp. The focus on the data efficiency of the Photo Chat application enables it to work reliably “on the street” even on slow and low quality networks.
Mary Beth Bauer, a professional Company Director, led the deal on behalf of Scale Angels, and is an observer on the Paloma board. Deena Shiff will represent Scale on the Paloma board, joining Anne-Marie Birkill (representing OneVentures), Roger Allen and the Founders.
Here is the full press release.
We were delighted Jennifer could join our panel of very special international guests at our event celebrating female entrepreneurs and investors last night:
– Kay Koplovitz, co-founder and Chairman of Springboard Enterprises;
– Glenda Stone, co-chair of UK Government’s Women’s Enterprise Task Force; and
– Susan Wu, investor and advisor to Twitter and Square, bringing Stripe to Australia.
We were excited to be on the front page of The Australian Business Section and also received coverage in StartupSmart, Women’s Agenda, the Australian Banking and Finance Journal, and the Microsoft Bizspark blog (where Jennifer is an alumni).