5/24/2005 - Trolltech®, provider of leading technologies for Linux and cross-platform software development, announced the completion of a $6.7 million Series B round of financing led by Index Ventures. Existing investors Teknoinvest and Northzone Ventures also participated in this round. The funding will be used to fuel Trolltech’s global expansion as it capitalizes on the growing markets for embedded Linux and cross-platform desktop applications.
Trolltech also announced that Neil Rimer, co-founder and general partner of Index Ventures, will be joining Trolltech’s Board of Directors.
“We chose Index Ventures because it has become one of the most prominent high technology investment firms, with an excellent track record in identifying innovative European-based technology companies, such as MySQL and Skype, and growing them into strong global businesses,” said Haavard Nord, chief executive officer for Trolltech. “The market for Linux is quickly extending beyond the data center into embedded devices and onto the desktop. With industry-leading development software in these areas, we are in an excellent position to build on this momentum. This funding will help us expand quickly while continuing to support the open source community.”
Trolltech makes its software available under a dual-licensing business model for both commercial and open source use. Trolltech’s Qt® product is a popular application framework for cross-platform software development on the desktop and is the most widely-used commercial tool for Linux application development. The company’s Qtopia® software provides a customizable development environment and user interface for Linux-based mobile phones, personal digital assistants and other devices. Today, over 60 vendors are designing, building or shipping devices based on Qtopia and related Trolltech software for embedded Linux.
“Trolltech is a Linux pioneer and a model ‘second-generation’ open source company, with a profitable business model and proven technology that targets two of the hottest markets for Linux,” commented Neil Rimer. “With 11 years of continuous growth behind it, Trolltech has demonstrated its ability to innovate and delight its customers, and we look forward to helping it attain an even more significant market position.”
Trolltech provides leading technologies that combine the advantages of Linux with the freedom to innovate across all platforms. The company’s flagship products are Qt, a cross-platform software development framework for the desktop; and Qtopia, a customizable application platform and user interface for Linux-based consumer devices. Trolltech software is the foundation for thousands of leading products worldwide, many from Global 2000 companies. Trolltech is a second-generation open source company, with dual licensing that supports open source values and methodology in a profitable, sustainable business. For more information about Trolltech, please go to www.trolltech.com.
About Index Ventures
Index Ventures is a venture capital firm dedicated to helping top entrepreneurial teams build their companies into global leaders. Index proactively seeks out entrepreneurs who are committed to solving real problems with a novel approach and help them develop their company by leveraging the combined experience, networks and resources of the entire partnership.
Index recently announced the closing of its fourth fund of EUR300m, which brings its total funds under management to EUR750m. The Index team has been active in technology venture investing since 1996 and has become a major player on the VC world stage with an unrivalled network spanning Europe and the US. The firm has offices in Geneva, London and Jersey and focuses its investment activity primarily on Europe and Israel. IT investments include Betfair, now the world’s largest betting exchange; Virata, (acquired by Conexant) a world leader in DSL and other communication chipsets; Skype (global P2P telephony service); MySQL (the world’s most popular open source database); and KVS (email archiving firm recently sold to Veritas). www.indexventures.com
Teknoinvest was established in 1984 and is the Nordic venture capital investment firm with the longest track record, as well as being one of the most successful according to value created for its investors. Teknoinvest invests in companies in the technology and life sciences sectors in the Nordic countries as well as in selected opportunities in North-America. Teknoinvest advises funds with a total capital of about Euro 110 millions. Among well-known companies that Teknoinvest has invested in and helped develop are Tandberg AS, Tandberg Television AS, Axis-Shield PLC, Photocure ASA, Ciena Corporation and Opera Software ASA. www.teknoinvest.no
About Northzone Ventures
Northzone Ventures is a leading Nordic venture capital firm specialized in innovative early stage investments within software, information technology and telecommunications. The firm has eight investment professionals located in offices in Copenhagen, Oslo, and Stockholm, and has invested in more than 40 companies across Scandinavia since it was founded in 1996. Following the closing of its fourth investment fund, Northzone manages EUR 170 million in capital commitments from leading Nordic and international private equity investors. www.northzone.com
Trolltech, Qt, Qtopia and the Qt logo are registered trademarks of Trolltech AS in Norway and/or other countries worldwide.
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