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Bestport Ventures increases stake in Mfuse mobile gaming


17 March 2008

Bestport Ventures LLP (“Bestport”) is pleased to announce that it has invested a further £0.85 million in investee company Mfuse, bringing the total invested and managed by Bestport to £2m million. Bestport invested alongside new investors including Mark Blandford, the founder of Sportingbet who is also joining the Mfuse Board.

Mfuse, is a leading provider of mobile-enabling technology, with a core focus in the sports betting market. It currently provides its clients with the most reliable and secure way to play, pay and transact using any mobile device. Their user-centred approach combined with the latest robust, high performance technology ensures a seamless, enhanced customer experience. Current clients include: Ladbrokes, Sportingbet, Bet365, Stan James and Paddy Power.

This fundraising will provide new working capital for Mfuse to build on both its product offering and crucially its geographical reach. The focus continues to be the sports gaming arena with some of the funds raised being allocated to the further development and marketing of a mobile casino offering.

To coincide with this funding round Mfuse has announced that new investor Mark Blandford has joined the company as a non-executive director. Mark has many years of experience in the gaming industry having sold his own bookmaker chain ‘bricks and mortar’ to Tote Bookmakers in 1997; going on to found Sportingbet, now listed on London’s AIM market.

Commenting on the further investment, James Stoddart, Managing Partner of Bestport Ventures said: “Mfuse is the clear market leader in providing mobile gaming technology and this funding round will further strengthen its position and enable it to broaden its applications and services. We were very pleased to increase our investment in such an exciting business with excellent growth prospects and are looking forward to working with Mark Blandford as part of the next phase of growth at Mfuse.”

Marcus Wareham, Chief Executive of Mfuse added: “We are delighted by the continued support of Bestport, our key investor. We feel that now is the appropriate time to scale up the business in order to cater for the inevitable increase in mobile phone activity as the capability of technology begins to catch up with user demand. Mark Blandford’s experience will be invaluable to us going forward and we are pleased he is now an investor alongside Bestport.”

- ends -
For further information, please contact:

James Stoddart / Ole Bettum
Bestport Ventures LLP
Tel: +44 (0) 20 7487 2555

Marcus Wareham
Mfuse
Tel: +44 (0) 20 7154 2070

John West / Clemmie Carr
Tavistock Communications
Tel: +44 (0) 20 7920 3150

Bestport is authorised and regulated by the Financial Services Authority.

Notes to Editors

Bestport Ventures

Bestport Ventures was established in 2005 by Ole Bettum and James Stoddart. The Bestport-managed Bestport LP Fund is a 10-year UK limited partnership focusing on smaller development capital and buy-out opportunities. Bestport typically invests between £0.5m to £3.0m in fast growing UK based companies.

Bestport Ventures always takes a seat on the board of companies it invests in and seeks to assist investee companies with key strategic and operational issues on the road through to exit. Investee companies have direct access to Bestport’s highly accomplished advisory board and extensive network of sector specialists. Exit planning is important from the outset and Bestport provides a wealth of experience in selecting the appropriate exit route, positioning the company for the selected route and executing the exit process at the appropriate time.
www.bestport.co.uk

Mfuse

Mfuse was incorporated in 2002 to exploit the opportunities presented by the increase in mobile phones and the variety of activities they will be used for over the coming years. Specifically, their aim is to enable businesses to deploy mobile transactional services across multiple devices


Publisher Contact Information:

Mfuse Limited
+44 (0) 20 7154 2070
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