20 July 2009

SMX raises $1.67 Million to fund further international growth

New Zealand anti-spam and anti-virus company SMX has completed a second fundraising round, raising $1.67 million from leading investors including Sam Morgan's investment company Jasmine Investment Holdings, Stephen Tindall's K1W1 investment vehicle and Endeavour Capital (a New Zealand Venture Investment Company).

SMX chairman John Quirk said the new capital would fund SMX's accelerated international market growth, building on solid progress over the last 12 months in India and Indonesia and also developing new opportunities in Japan and Australia.

SMX managing director Jesse Ball said that despite the global recession, Internet usage continued to grow strongly – as had the volume of spam and the sophistication of virus attacks. He said that the SMX service – which scrubs mail before it reaches customer networks – had strong differentiators over the best competing services available worldwide.

"We're obviously delighted that savvy technology investors such as Stephen Tindall and Sam Morgan are prepared to back our international growth strategy,” Jesse Ball said. "We are also pleased that our first round investor Endeavour Capital has continued to express confidence in our progress and plans.”