Second Round

IT start up Interblocs has raised over a million dollars in a second round of financing to expand operations overseas.
Interblocs specialises in developing software for payment solutions to the financial sector.rn

rnA Malaysian IT company has invested the money to take a 20 percent stake.rn

rnThe IT startup says they now have a valuation close to US$ 8 million.rn

rnThe company says their strategy of focusing on value addition to products enabled them to secure the funding. rn

rnldblquote We have focused on our core values as a result of that we got a foreign investment recently,
dblquote says Dinesh Rodrigo, CEO, Interblocs.rn

rnThe company saw its valuation jump from about half a million dollars to eight million dollars over a short period of time.rn

rnIts shareholders before the new round of fund raising were the PVIC venture capital fund and its promoters.rn


-LBR Newsdesk: LBOEmail@vanguardlanka.comrn