mTrack Services Ltd Raises the Stakes - Leading Location Based Services Company mTrack Services Attracts Substantial Second Round Funding of 1 million Euros

 22nd September 2005, London - mTrack Services Ltd, the company behind the recently launched mobile phone location based service KidsOK, has just announced the receipt of second round funding amounting to 1 million Euros from London Seed Capital and private investors.

 mTrack Services was founded in January 2003 by Richard Jelbert and Peter Stent to take advantage of opportunities offered within the mobile communications marketplace and specifically in the emerging location based services (LBS) market.  First round funding of 600,000 Euros was initially raised through business angel investors.

Richard Jelbert, CTO and founder of mTrack Services said, “This investment will allow us to focus our efforts on improving the distribution of the KidsOK product into retail and through extensive PR and marketing drives.  Our funding will also be used to develop second generation products allowing for greater accuracy.”

 mTrack’s increasingly popular KidsOK service celebrated a successful retail launch in July 2005 with the mobile phone location packs currently available in over 500 outlets across the UK including Toys ‘R’ Us, selected Arcadia Outfit, Comet Destination, Bhs, Boots, Millets and Blacks at a recommended retail price (RRP) of £39.95.

 Richard Jelbert comments that, “The KidsOK service is based on encouraging trust and co-operation between parent and child, striking a balance between giving kids their freedom and knowing where they are.” He continues, “The market for location based services is increasing steadily and mTrack Services is a key driver of this growth with products such as KidsOK.  The City clearly shares our confidence that this sector will continue to expand and we look forward to the rest of the year with optimism as we expect revenues to rise exponentially whilst operating margins are sustained.”