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PRESS RELEASE: Beringea Invests in Consumer Electronics Company mophie

September 8, 2010

FARMINGTON HILLS, Mich. — Beringea, Michigan’s largest venture capital firm, has invested in mophie, a Paw Paw, Mich.-based designer and manufacturer of electronic accessories for smart phones and other mobile intelligent devices. The investment, made through Beringea’s InvestMichigan! Growth Capital Fund, will fund the development of future products as well as bolster the company’s sales and marketing efforts. Terms of the deal were not disclosed.

mophie’s product offerings include the Juice Pack line of external power cases, which are compatible with the iPhone, iPod touch and iPad The company introduced the first-ever "Works With iPhone" portable battery case certified by Apple Inc. and has developed the mophie marketplace,™ a case fitted with a magnetic strip reader that allows iPhone users to process credit card transactions on-the-go.

Jeff Bocan, Managing Director of Beringea, says “mophie pioneered the peripheral power/intelligent case market segment for smartphones, making the devices more useful and increasing their functionality. As smartphones become ubiquitous both in the United States and abroad, we are confident in the mophie team’s ability, ingenuity and innovative product pipeline to increase their market-leading position in this large, rapidly growing market.”

The smart phone market and its related accessories market is rapidly growing. According to the research firm IDC, the worldwide smart phone market grew by more than 56 percent between the first quarter of 2009 and 2010, double the growth of the overall mobile phone market. It is expected that smartphone purchases will surpass personal computer sales for the first time in less than two years.

Daniel Huang, CEO of mophie, commented on the investment saying, “Partnering with Beringea is very exciting as it helps us to continue our path of growth in the smart phone market while also maintaining our strong ties to the state of Michigan.”

About Beringea

Beringea offers advice, guidance and capital to support growing businesses. Headquartered in Farmington Hills, Mich., the Firm also has offices in London and more than 70 portfolio companies in the U.S. and U.K. Beringea has more than 20 years of investing experience in a range of sectors, including health care and life sciences, clean technology, advanced manufacturing, media, Internet technologies and specialized consumer products. Beringea is the manager of funds, including the InvestMichigan! Growth Capital Fund, InvestCare Partners, Global Rights Fund II and the ProVen family of venture capital trusts. For more information, visit www.beringea.com.

About mophie

mophie is an award winning accessory company consistently praised for its creative designs and innovative solutions. mophie was proud to be the first ever “Works With iPhone” certified battery by Apple Inc. Its products can be found in Apple Stores and major retailers worldwide and on www.mophie.com. Follow on Twitter here.

 

Mophie Media Contact

Audrey Sahl
Formula PR
Phone: 212.219.0321
Email: Sahl@formulapr.com

Media Contact

Andi Wilmes
Beringea
Phone: 248.489.9000
Email: awilmes@beringea.com

 

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