Amaryllo, a new Dutch producer of GPS and Navigation systems announced today that funding was raised by issuance of equity to the Technofonds Flevoland. The funds will be used primarly to continue and expand the quick growth of the company.
Technofonds Flevoland is a participation fund that provides capital to innovative and technology oriented companies. Mission of the technofund is to improve the financial strength of starting and growing companies with high-potential in the area of Flevoland. The fund was founded in the beginning of 2000 with support of the European Unity, in co-operation with four local city-governments.
With this new funding, Amaryllo will be able to place new and innovative products on the European markets. The funds will be used to finance the required expansion of the organisation, operations and logistics, as well as to increase the research and development work done in Amaryllo.