Australian venture capital firm focused on women backs mobile firm Paloma for its first investment
Australia-based Scale has chosen to support a mobile company called Paloma for its first investment, Business Insider Australia reported. Scale's website described itself as a "female focused angel investor network" which was founded in Melbourne in March last year. Inspired by the US based angel network Golden Seeds, the seed capital investment firm aims to equip women to become successful investors by connecting with, making investments in and supporting women entrepreneurs, their website said.
Paloma Mobile is a mobile firm that enables people to utilize applications that need a lot of download power to mass-market smartphones. In a release about the investment, Scale said that "Paloma Mobile has developed a cloud-based technology platform that enables rich-media services to be delivered to mass-market smartphones even when these devices are running on low-speed (2G) networks." The company predicted that by 2016, the users of entry level smartphones will reach over 1 billion.
Citing the statement, Business Insider Australia said that there were 15 Scale "Angels" that have poured $655,000 into Paloma. They formed part of the mobile firm's $1 million capital fundraising. The female focused venture group added that OneVentures and Roger Allen also followed on their initial capital investment for the Series A round which affirmed their value proposition and confidence in Paloma Mobile.
Susan Oliver, Carol Schwartz and Annette Kimmitt founded Scale last year. Scale's Chief Executive Officer is Laura McKenzie. Scale's website said that they are also open to having men on board. "Our founding members are women, but we welcome and include men who share our vision of maximizing returns by supporting early stage businesses that value gender diverse leadership," the website said.
Scale intends to link wealthy Australian women with promising investment opportunities. It already has 34 Angel investors in Melbourne and seeks to enlist more Angels in Sydney this year, the report said.