Beringea Invests in Consumer Electronics Company mophie
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.”
Beringea, LLC provides equity and/or mezzanine debt to small- and-middle market companies. The Firm, which includes Michigan-based Beringea, LLC and its London, UK office Beringea LLP, invests in portfolio companies operating in a range of sectors, including health care, clean technology, manufacturing, media, Internet technologies and specialized consumer products.
With flexible capital solutions, extensive investing experience and offices in the U.S. and UK, Beringea’s team offers its portfolio companies the resources to grow their businesses and create value for shareholders. For more information, visit www.beringea.com.
In the United States of America, Beringea operates as an SEC-registered investment advisor, Beringea, LLC. In the United Kingdom, this document is issued by Beringea LLP, a firm authorized and regulated by the Financial Conduct Authority. Beringea LLP is a limited liability partnership registered in England and Wales with company number OC342919, and its registered office is at 39 Earlham Street, London, WC2H 9LT, UK. This document is intended solely to provide information regarding Beringea’s potential financing capabilities for prospective portfolio companies.
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.