Angel investor buys into start-up
The entrepreneur-turned angel investor who made his name selling his company to global mobile firm HTC has made his first real investment in Perth, purchasing 45 per cent of MeU Mobile.
In an announcement expected today, "global technology venture accelerator" Yonder and Beyond - the brainchild of Shashi Fernando - is set to come out of a trading halt to announce the purchase.
The $400,000 investment - $275,000 in cash and $125,000 conversion of service fees to equity - is understood to be part of Mr Fernando's attempts to establish somewhat of a small hub of similar, Australian-based tech com- panies all working together.
MeU, the creation of Perth businessman Brodie Rice, is understood to have locked down a wholesale agreement with Telstra and currently employs about 13 staff.
The company, which has been in test mode for the past three months, describes itself as a "social mobile network", offering mobile products and "unique business-to-customer" offerings.
MeU hopes to launch in April.
Mr Fernando became a board member of HTC Corp after selling the company he founded, Saffron Digital, to the group in 2011 for about $50 million.
Yonder and Beyond backdoor-listed through Quintessential Resources in July, and returned to the bourse last month after raising $5 million at 20¢ a share.
An accelerator plays the role of mentor and equity investor to start-up companies as they develop their business.
The company, which on Wednesday invested $300,000 in Melbourne-based Connexion Media, last traded at 15.5¢.
