The Finnish manufacturer and designer of touch based large screens, Multitouch, has secured a 2 million euro investment from the Finnish Industry Investment and Veritas Pension Insurance. The investment will be used to speed up the company’s sales and marketing efforts including their international operations. Previous investors, founders and seed fund Vera will continue as owners in the company as well.
The company was founded in 2007 and has received a good start ever since. Earlier this year we covered the company as it designed the Twitter wall for CES. According to the press release, Multitouch has currently clients in 40 countries.
One thing that has to be noted is the investment from the Veritas Pension Insurance. Pension funds in Finland have more or less publicly stated that they stopped investing into growth companies in the past few years due to poor returns. An investment into Multitouch is most likely justified by the company financials.
In the financial year endind 2009, Multitouch turned over some 1.75 million euros with a profit of 250k euros. In the year ending 2010 the company’s revenues were around 2.7 million euros with a profit about 170k euros. Strong growth and the ability to turn a profit must have weighed a lot in the decision for Veritas Pension Insurance.
Hopefully the example by Veritas will be followed by other pension funds in the near future, not just in Finland but through out the region as well.