Poland’s Rapala Law Office has advised the Internet Ventures FIZ fund, managed by MCI Capital, in its investment in RemoteMyApp, a company which streams multimedia content (games, video, applications, music) from PCs to smartphones. Depending on the completion of conditions precedent, the investment may reach as much as PLN 6 million (approximately EUR 1.36 million).
“The whole investment was divided into two tranches, and the second tranche depends on condition precedent,” commented Rapala Law Office Managing Partner Krzysztof Rapala. "Nevertheless at any time Internet Ventures has the option to perform the second tranche, even without fulfilment of the CP."
According to the MCI Capital website, Internet Ventures "invests in such sectors as: electronic media, e-commerce, web and wireless (mobile) technologies and services, early stage and growth companies with prospects for success on the Polish, European, and global market. Established by MCI Capital TFI together with Krajowy Fundusz Kapitalowy and IIF S.A. The target value of capital engaged in the Fund’s investments is PLN 100 million."
RemoteMyApp "was established by Polish engineers, but since very early on it has been developing in an international team,” said Michal Wrzolek, Investment Director of Internet Ventures. "From day one, its business model has assumed achieving an international scale of operations. Already today, the company has users across many countries and our task is to help it turn their global leadership aspirations into reality.”
Internet Ventures Fund is the only participant in this round of financing and once the first of two tranches is completed, it will become the largest financial investor. Previous investors include Xevin Lab (which was advised on its investment by Krzysztof Gasiorowski from Warsaw's Gregorowicz-Ziemba, Gasiorowski Law Firm) and Red Sky.
The new investor will help us expand our IT and marketing teams,” said Radoslaw Zawartko, CPO and co-founder of RemoteMyApp. “The funds will also serve to develop our technology, which will translate into even better user experience for the players,” added Rafal Krochmal, CTO and another co-founder of the company.