£6.5m South Korean investment into Cambridge's Bango
South Korean corporation NHN Corp has invested £6.5 million into Cambridge firm Bango, which was fourth in our East of England Tech 50 innovation ranking last year.
The listed mobile commerce company’s subsidiary Bango Deep has developed a data platform, Audiens, which NHN now owns 60 per cent of.
NHN operates in the financial, data, and advertising technology markets and already has a strategic partnership with Bango.
Audiens Chief Commercial Officer Jonathan Brech has been promoted to the role of chief executive.
NHN also now holds 4.7 per cent of the listed parent company for a price of £3.2m.
Bango co-founder & Executive Chair Ray Anderson said: "This is one of the most exciting milestones in the history of Bango. NHN is a hugely successful data, marketing and payments business based in South Korea, one of the most technologically advanced countries in the world.
"NHN has a fantastic growth story and a history of first-mover innovation which, coupled with the existing data platform know-how at Audiens, will enable us to create a powerful force for technology leadership in online commerce."