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Mangrove Capital Backs African Mobile Betting Service Bettymovil

Files under: Mobile, News, Tech, Web 2.0
Posted by: admin @ 03:07 [11. 02. 11]

It is getting fashionable by venture capitalists to reveal new deals over Twitter. The leading European early-stage venture capital firm Mangrove Capital Partners has invested in mobile betting service Bettymovil, wrote Mangrove partner Mark Tluszcz on his Twitter. “Venture capitalists must look towards Africa….it is the real deal! (you will need to be flexible and creative)” said Mark. It’s the first time Mangrove invested in Africa and one a few VC deals in the region.

Launched in 2008, Bettymovil is operated by Barcelona, Spain-based International Mobile Sportsbook Company.

Bettymovil launched betting service in Nigeria under the RAPIDO brand in 2010. RAPIDO offers a way to predict and win on football matches, using a mobile phone. Its user needs to select a game that he/she would like to play, recharge a mobile phone with RAPIDO credit and text a prediction to a RAPIDO short number.

Mangrove Capital‘s recent exits include Australian online couponing service Spreets (acquired by Yahoo!7 in January 2011) and German shopping club brands4friends (acquired by eBay in December 2010).

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