Spotify’s international expansion after launching in the US last year is reflected in big leaps in both revenues and losses for 2011. The digital music service’s annual report, recently filed in Luxembourg, showed its revenues more than doubled from €73.9m in 2010 to €187.8m. But at the same time, losses grew by 59 per cent to €45.4m last year. Read more
The mobile phone is emerging as the technology winner in the Olympics, with more and more stats to show that this is how vast numbers of people are finding out information about the games.
Google published some data on Tuesday showing that Olympics-related searches over mobile phone increased 10-fold in the first week of the games, and mobile is trumping any other technology at key moments. Read more
After the excitement of Facebook’s $104bn IPO and the subsequent fall in its shares, something more modest is coming onto London’s alternative investment market.
Incadea, an Austrian company that provides software for BMW and other car dealerships, will raise around £17m on Friday, in a stock market float expected to value the company at £47m.
It’s a lot smaller than Facebook, but it is a rare technology listing in London, where the tech IPO market has been considered closed for a long time. Read more
Funding Circle, a UK-based online marketplace where individuals lend directly to small businesses raised $16m of Series B financing from joint investors Index Ventures and US-based Union Square Ventures. This brings the total amount raised by the company to $21m. Launched in August 2010, the company now facilitates around £1m in loans each week. The company is planning to use the funds to double its staff over the next year.
Dragonplay, a Tel Aviv-based games developer raised $14m in a Series A funding from Accel Partners. Dragonplay specializes in makes card, casino and board games for smartphones and social networks and is best known for Live Holdem Poker Pro, which has more than 2m monthly active players. The company will use the investment to expand its portfolio of games. Read more
One of the more innovative approaches in the plethora of efforts to persuade more people to pay for more content online is “social micropayment” firm Flattr.
Acting something like an online tip jar, Flattr reverses the usual payment process by giving people a way to pay for content after they’ve consumed it, rather than before they know what they are getting. Read more
Investment continues to pour into the soaring Russian internet market, which recently overtook Germany as Europe’s largest by users.
The latest mega-deal sees Avito.ru, a Russian online classified site along the lines of Craigslist, raising $75m from local private equity firm Baring Vostok and global venture capitalists Accel Partners, alongside existing investors Kinnevik and Northzone. Read more
The complexity – one is tempted to say complete muddle – of the European patent system was highlighted on Wednesday when Nokia and HTC won a key victory in their intellectual property battle with IPCom.
IPCom, which is based in Germany, has waged a battle for several years to get mobile handset companies to pay it royalties for some technology it owns related to how mobile phones connect to 3G networks. Some handset makers have bought licences from IPCom, but Nokia and HTC strongly denied the validity of the patents and refused to pay up. Read more
London’s Tech City project got a big boost on Thursday when Google officially opened Campus, its first hub offering start-up technology companies desk space and mentoring.
Opened to great fanfare by George Osborne, chancellor, the seven-storey building will house 100 start-up companies and organisations such as Seedcamp, the technology incubator, and TechHub, the original provider of co-working space in the Shoreditch area. Read more
Although Angry Birds, by Rovio of Finland, is the best-known videogame to come out of Scandinavia, it has a close rival in Sweden’s Minecraft - a game Sean Parker loved so much he flew all its developers to London for a party. Read more
There is no doubt that Arm Holdings, the UK chip designer, plays in the big league now. The Cambridge-based company’s designs are in most smartphones, and in coveted Apple products such as the iPad.
So it is appropriate that they have a weighty name for their new chairman. Sir John Buchanan, knighted in the recent New Year’s honours list, is chairman of Smith and Nephew, which makes artificial knees and hips. Read more
Behind Monday’s headlines of Misys’s board accepting a £1.27bn cash bid from Vista Equity Partners, the perennial takeover target also updated the market on recent trading – and the figures were not exactly glowing.
Third-quarter revenues fell by 12 per cent year-on-year fall to £89m, which the London-based group attributed to customers procrastinating over software licence purchases. Read more
The frenzy to invest in mobile payments providers continues with Boku, the San Francisco-based start-up raising $35m, in a funding round led by Telefónica Digital. It will take the total raised by the mobile transactions company to more than $75m since 2008.
Investors in this round also included New Enterprise Associates (NEA), Andreessen Horowitz, Benchmark Capital, DAG Ventures, Index Ventures and Khosla Ventures. Read more
Last month Mark Thompson, the BBC’s director-general, pointed the finger at the Iranian authorities for allegedly intimidating employees at its Persian service.
Now the corporation’s chief is taking things a step further by accusing Iran of masterminding a “sophisticated cyber-attack” that involved jamming satellite feeds in an effort to wreak havoc with broadcasts into the country. Read more
A little bit of much-needed consolidation is finally taking place in the European Venture Capital industry. On Wednesday DFJ Esprit and Tempo Capital announced plans to merge their secondary investment businesses.
Tempo is a specialist in this market of buying existing venture capital investments, and DFJ has been dipping its toes in since 2007 when it bought out Cazenove’s venture capital fund. Read more
Spotify is to open its doors in Germany this week in the digital music service’s biggest launch since coming to the US last year.
It is the latest example of a digital music firm growing its global footprint as record labels become increasingly bullish on subscription services. Read more
A delegation from Russia’s proposed ‘Silicon Valley’ development, Skolkovo, came to the UK this week in an effort to persuade UK businesses to invest in the high-tech hub being built on the outskirts of Moscow.
They faced awkward questions, however, about the political landscape that companies might face if they transferred operations to Russia. Denis MacShane, Labour MP for Rotherham, wrote to Lord Green, the trade minister, criticising the UK’s Department of Trade and Industry for hosting the conference, and pointing to the difficulties that many UK companies had faced in Russia. Read more