E-paper company iRex Technologies has secured first closing in total round of € 6M
E-paper company iRex Technologies has secured first closing in total round of € 6M
Eindhoven, The Netherlands
iRex Technologies, the Dutch pioneer in electronic paper solutions, announced it has secured a first closing in a total growth capital round of € 6M. The syndicated investment round was led by Main Capital Partners. The new financing round will be used for acceleration of the Company's business, R&D and the development of the next generation product. Existing shareholders ABN AMRO Capital and management have also contributed to the round.
Hans Brons, CEO of iRex Technologies comments: “This new funding brings in the opportunity to support our ambitious growth plans. The E-reader market is moving rapidly, with global sales doubling annually. Our product has been recognized as the best on the market and we intend to extend our lead by investing significant resources in developing an even more powerful next generation of E-readers.”
iRex profits from the rapid development of the e-paper market. The company was mainly focused on dedicated B2B markets as aviation, education and professional business segments and is now on a breakthrough path to the consumer market. Not only with E-books (amongst others under Amazon.com's Mobipocket format) but also in providing news.
Last week, Les Echos, the largest business newspaper publisher in France, announced it has started publishing its newspaper on the iRex iLiad e-reader as a bundled service. This makes Les Echos world’s first ever newspaper to publish its content on e-paper. Later this year, some major Dutch newspapers are expected to go live on e-paper. Several major international newspapers are preparing to have the iLiad on trial.
Charly Zwemstra, managing partner at Main Capital says:” We are at the forefront of a revolution in paper consumption. We believe that e-paper technology will change the way we handle printed content today. iRex’ technology is now ready to compete with paper. We are pleased we can contribute to this development and from an investor’s perspective there is a billion $ market ahead of us.”
Press contact iRex Technologies
Loeki van der Lee loeki.van.der.lee@irextechnologies.com
Phone: +31 40 8514 650
Press contact Main Capital
Charly Zwemstra charly@main.nl
Phone: +31 70 3243 433
About iRex
iRex Technologies has spun-off from Royal Philips Electronics back in 2005. Since then the company has developed as leading e-paper specialist. iRex Technologies brings together a team with many years of experience in electronic paper technologies and portable devices. Working closely with Royal Philips Electronics and E Ink Corporation since 2001, iRex Technologies has based its advanced concepts for portable, electronic paper devices on the proven expertise of its partners. The company is based at the High Tech Campus in Eindhoven, the Netherlands.
The latest news on iRex Technologies can be found at: http://www.irextechnologies.com
High-resolution pictures are available from: http://www.irextechnologies.com/press/downloads
About Main Capital
Main Capital is a private equity investment fund with a clear focus on the media, entertainment and technology sectors. Main Capital has top-expertise in growth investments and small to medium buy outs. Investments include multimedia publisher Dutch Filmworks, IT services group Erudict, insurance software company Actuera and mobile technology company Sharewire. News on Main Capital can be found at: www.main.nl
About ABN AMRO Capital
ABN AMRO Capital’s dedicated technology team makes select investments in high-quality, European technology companies. Other recent technology investments include Control Break International, MarketXS, NexWave Solutions, Watermark and Swyx.
[Monday, September 24, 2007]
